April 9, 2013 Housing starts in Canada

OTTAWA, April 9, 2013 Housing starts in Canada were trending at 189,742 units in March, according to Canada Mortgage and Housing Corporation. The trend is a half-year moving average of the monthly seasonally changed yearly rates ( SAAR ) One of housing starts.

"As expected, the trend in total housing starts continued to moderate in March. Builders are adjusting to lower home demand and as a result, completed and unoccupied units per capita remain relatively close to their historic average," said Mathieu Laberge, Deputy Chief Economic expert at CMHC.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for substantial swings in monthly estimates and obtain a more complete image of the state of the housing market. In some cases, investigating only SAAR data can be deceiving in some markets, as they are largely driven by the multiples section of the markets, which can sometimes be quite fluctuating from one month to the following.

The stand-alone monthly SAAR was 184,028 units in March, up slightly from 183,207 in February. The SAAR of urban starts decreased by 2.7 per cent in March to 157,217 units, controlled by a 6.6 % decline in single urban starts to 60,558 units. Multiple urban starts remained comparatively unvaried at 96,659 units in March. Urban starts increased in Atlantic Canada ( 27.1 percent ), the Prairies ( 13.8 percent ), and UK Columbia ( 13.1 % ).

March’s seasonally changed yearly rates of urban starts reduced in Ontario ( -15.7 per cent ) and Quebec ( -13.5 % ).

Agricultural starts2 were reckoned at a seasonally adjusted annual rate of 26,811 units in March.

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