Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 19,001 units in May compared to 18,670 in April, 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.
"Increased apartment construction in May contributed to a higher housing starts trend this month compared to April's starts. The majority of May apartment starts were concentrated in the cities of Burnaby, Coquitlam and Richmond." said Robyn Adamache, CMHC's Senior Market Analyst for Vancouver.
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, analysing 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 19,808 units in May, up from 17,685 in April. This increase is the result of a higher apartment construction.
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Source: CMHC
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