SASKATOON, SASKATCHEWAN--(Marketwired - March 8, 2016) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 2,340 units in February compared to 2,252 in January, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of total housing starts.
"The trend in total housing starts moved higher in February after local home builders increased production of single-detached units. Despite the upward movement in the overall trend this month, we expect local builders to maintain a steady pace of housing starts in 2016, as they face slower employment growth and lower net migration," said Goodson Mwale, CMHC's Senior Market Analyst for Saskatchewan.
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, analyzing 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 2,129 units in February, down from 2,218 in January. The decline in overall actual housing starts in February was led by the multiples segment of the market where 42 units were started, compared to 185 in the same month one year prior.
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.