Monday, October 15, 2012

Great press release from CMHC - Housing starts are up!

Housing starts are up! 

Victoria, October 9, 2012 - Housing starts in British Columbia were trending at 26,893 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.
The standalone monthly SAAR was 27,199 units in September, down from 28,233 units in August.
“Housing starts in September in urban areas of British Columbia were in line with the six-month trend,”
said Carol Frketich, CMHC’s British Columbia Regional Economist.

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.

Single-detached starts added 596 actual units in September 2012. Multiple starts totalled 1,762 actual
units in September, compared to 1,690 units reported in September of last year. Year to date total
starts have reached 19,837 actual units with multiple starts accounting for three-quarters of housing
starts so far in 2012. Overall, across the urban centres in the province, total starts this year remained
ahead of the pace set last year.

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.

2012_10_09_0815_EBC.PDF Download this file

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Thanks to Pam Owen (Mortgage Specialist) for the update:
BMO Bank of Montreal
Cell: 250.260.0008 | Fax:  250.260.4005

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