Saskatoon Housing Starts Trend Lower in June

SASKATOON, SASKATCHEWAN -- (Marketwired) -- 07/11/16 -- Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 1,955 units in June compared to 2,101 in May, 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.

"Total housing starts trended lower in June after local home builders scaled back production of both single-detached and multi-unit dwellings. After the first half of 2016, the trend in housing starts is now more aligned with our forecast range of 1,690 units to 2,010 units for this year. We expect weaker economic fundamentals and elevated resale supply to constrain new construction over the remainder of the year," 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 1,896 units in June, up from 1,234 in May. While the SAAR measure increased from the previous month, total actual housing starts in June declined by 16 per cent from a year ago, led by the singles sector where 95 units were started, compared to 120 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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

Additional data is available upon request

(Ce document existe egalement en francais)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/079a.pdf

Contacts:
Media Contact:
Courtney Gillis, Senior Public Affairs Advisor
(403) 515-3012
[email protected]

Source: Canada Mortgage and Housing Corporation

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