Pace of construction still below 2014 levels: CMHC

A slight jump in single-detached and multi-family construction in Calgary last month fueled a month-over-month increase in housing starts, according to Canada Mortgage and Housing Corp. (CMHC).

Housing starts in the city were trending at 13,780 units in October compared to 13,050 in September. The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of total housing starts.

"Housing starts trended higher in October as both single-detached and multi-family construction rose from the previous month," said Richard Cho, CMHC's principal of market analysis for Calgary. "Despite the increase from a month earlier, the pace of construction through most of this year has been below 2014 levels due to a rise in supply and a slowdown in migration and employment growth."

Housing starts in Calgary increased 11 per cent between February and March this year.

The trend, compiled by the Canada Mortgage and Housing Corporation(CMHC), is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of total housing starts. Calgary saw 16,647 units started in March compared to 14,978 in February.

The Canada Mortgage and Housing Corporation (CMHC) saw that December had an increase of housing starts over the month of November. December saw that starts were trending at 14,013 units, where November had 13,941 units.

The monthly seasonally adjusted rates (SAAR) of total housing starts show a trend of a six month moving average.