February 2014 Housing Starts in Canada Remain Stable
Mar 12, 2014
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Housing starts in Canada were trending at 192,236 units in February 2014, compared to 191,513 in January 2014, 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 housing starts.

Mathieu Laberge, Deputy Chief Economist at CMHC, said the trend in Canadian housing starts has been stable for seven months. "Since August 2013, the trend has essentially remained in the 185,000 to 195,000 range, with month-to-month variations generally of 2% or less," Laberge said. "This is in line with CMHC's outlook calling for a stable housing market in 2014."

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. CMHC said that, in some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multi-family housing segment of the market, and that can be quite variable from month-to-month.

The standalone monthly SAAR was 192,094 units in February, up from 180,481 in January.

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