March 2014 Housing Starts in Canada

OTTAWA, April 8, 2014 — Housing starts in Canada were trending at 184,476 units in March compared to 191,126 in February, 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.

“In March, the trend in housing starts declined below 190,000 units for the first time in six months, reflecting a decrease in multiple unit starts. Lower starts activity over the remainder of the year compared to 2013 is anticipated as builders continue to adjust activity in order to manage inventory levels,” said Mathieu Laberge, Deputy Chief Economist at CMHC.

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.

The standalone monthly SAAR was 156,823 units in March, a decrease from 190,639 in February. The SAAR of urban starts decreased by 18.8 per cent in March to 142,502 units. Multiple urban starts decreased by 25.5 per cent to 87,372 units in March while the single-detached urban starts segment decreased by 5.4 per cent to 55,130 units.

In March, the seasonally adjusted annual rate of urban starts increased in British Columbia and the Prairies, and decreased in Atlantic Canada, Ontario and Quebec.

Rural starts2 were estimated at a seasonally adjusted annual rate of 14,321 units.

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.

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1 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

2 CMHC estimates the level of starts in centres with a population of less than 10,000 for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in these centres and revises the estimate.

Information on this release:

Charles Sauriol
CMHC Media Relations
(613) 748-2799

Additional data is available upon request.

Preliminary Housing Start Data
March 2014
  February 2014 March 2014
Trend1, all areas 191,126 184,476
SAAR, all areas 190,639 156,823
SAAR, rural areas 15,061 14,321
SAAR, urban centres2    
Single-detached 58,263 55,130
Multiples 117,315 87,372
Total 175,578 142,502
Atlantic, urban centres2 8,221 3,990
Quebec, urban centres2 47,234 30,677
Ontario, urban centres2 57,675 37,094
Prairies, urban centres2 40,587 44,465
British Columbia, urban centres2 21,861 26,276
Canada March 2013 March 2014
Actual, all areas 12,269 10,781
Actual, rural areas 774 762
Actual, urban centres2    
March - Single-detached 3,766 3,303
March - Multiples 7,729 6,716
March - Total 11,495 10,019
January to March - Single-detached 10,633 9,875
January to March - Multiples 20,625 22,167
January to March - Total 31,258 32,042

Source: CMHC
1 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR).
2 Urban centres with a population of 10,000 and over.
Detailed data available upon request



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