SASKATOON, SASKATCHEWAN--(Marketwired - Dec. 8, 2014) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 3,542 units in November compared to 3,259 in October, 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 total housing starts. "The trend in total housing starts moved higher in November after local builders initiated more single-detached and multi-family units. The faster pace of housing starts this year has been supported by increased demand for lower-priced options in the multi-family sector such as condominium apartments and townhouses," 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 4,733 units in November, up from 2,906 in October. While actual starts rose in both the single-detached and multi-family sectors, the increase in November was most pronounced among multiples where 252 units were started compared to 88 in November 2013.