housing starts

February housing starts relatively unchanged

Wednesday, March 9, 2016

In February 2016, the trend measure of Canadian housing starts was 198,880 units, compared to 199,107 units in January, according to Canada Mortgage and Housing Corporation (CMHC).

“The national housing starts trend held steady in February, despite some important regional variances,” said CMHC chief economist Bob Dugan, in a press release. “Housing starts are trending at a four-year low in the Prairies where low oil prices have weakened consumer confidence. At the same time, starts are trending at an eight-year high in British Columbia, as new and resale home inventories remain low.”

The standalone monthly seasonally adjusted annual rate (SAAR) was 212,594 units in February, an increase from January’s 165,071 units. The SAAR of urban starts increased by 30.9 per cent to 200,231 units in February, while multiple urban starts increased by 46 per cent to 138,774. Single-detached urban starts showed an increase of 6.1 per cent to 61,457 units that month.

In February, British Columbia, Ontario, Quebec and the Atlantic provinces all experienced an increase in the SAAR of urban starts, while the Prairie provinces experienced declines.

Rural starts were estimated at a SAAR of 12,363 units.

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