Monday, 10 June 2013

Housing Starts in Vancouver Decline - May 2013

Housing Starts in Vancouver Decline



Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 16,324 units in May compared to 16,370 in April 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.


"Total housing starts in the Vancouver CMA continue to trend lower this month as declines in townhome and apartment starts off-set increases in single-detached housing starts," said Lance Jakubec, CMHC's Senior Market Analyst for Vancouver.


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 in the Vancouver CMA was 14,690 units in May, down from 17,986 in April.


Housing starts in the Abbotsford-Mission CMA were trending at 577 units in May. The standalone monthly SAAR was 919 units in May. An increase in apartment starts raised both the six-month trend and May SAAR starts above the previous month's level.


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

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