Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 11,622 units in January, 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.
“The trend in total housing starts has been relatively stable in Calgary over the last four months, as a rising pace of single-detached construction has offset a moderation in multi-family starts,” said Richard Cho CMHC’s Senior Market Analyst for Calgary. “Overall housing starts in Calgary continue to be robust, supported by job creation, net migration, and reduced active listings in the competing resale market.”
The standalone monthly SAAR was 10,353 units in January, slightly down from 10,663 in December. Actual housing starts for January in Calgary numbered 786, with 336 single-detached homes breaking ground along with 450 multiple units.
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 thehousing
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.