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OCTOBER 2012 HOUSING STARTS IN EDMONTON from CMHC #yeg #yegre

 

Housing starts in the Edmonton Census Metropolitan Area (CMA) were trending at 13,690 units in October, 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 total housing starts. The standalone monthly SAAR was 13,700 units in October, compared to 14,660 in September.

 

“Employment growth and low mortgage rates contributed to higher demand for new homes in Edmonton. Some prospective buyers looked to the new home market to meet their needs as the selection of homes in the resale market has moderated,” said David Lan, CMHC’s Senior Market Analyst for Edmonton.

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, 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.

Single-detached starts increased three per cent in October to 478 units, up from 464 units a year earlier. After ten months, single-detached starts reached 4,741 units, an increase of 12 per cent from 2011. Multi-family starts, which include semi-detached units, rows, and apartments, totaled 709 units in October 2012, down 10 per cent from 786 units in the previous year. To the end of October, 5,573 multi-family units broke ground compared to 3,735 in 2011.

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 high 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.

 

http://raeinfo.posterous.com/october-2012-housing-starts-in-edmonton-from

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