October 2014 Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 10, 2014) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 19,544 units in October compared to 20,075 units in September, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)¹ of housing starts.

"Apartment starts were lower in October, offsetting an increasing trend in construction of all other types of housing including single-detached, duplex, and town homes," said Robyn Adamache, CMHC's Senior Market Analyst. "So far this year, the actual number of new homes started is slightly above last year's level."

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 14,443 units in October, down from 19,440 units in September. This is mainly the result of lower month-to-month starts of the multiples segment.

Housing starts in the Abbotsford-Mission CMA were trending at 554 units in October, down from 694 units in September.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Follow CMHC on Twitter @CMHC_ca

(1)

All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

(Ce document existe également en français)

*SAAR: Seasonally Adjusted Annual Rate

Source: CMHC

Tables are available at the following address: http://media3.marketwire.com/docs/Vancouver_ENG.pdf