New homes starts trend higher in July
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New home starts in the Calgary census metropolitan area (CMA) were trending higher in July than June, according to the monthly report from Canada Mortgage and Housing Corporation (CMHC).
The trend last month was for 12,864 to be started by the end of 2018, compared to the June trend of 12,331.
The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of starts and is used by CMHC to remove seasonal ups and downs in starts numbers, particularly in the multi-family segment of the market. The trend figures indicates the annual level of starts that would be obtained if the same pace of quarterly construction activity was maintained for 12 months.
In actual hard numbers, July’s new home construction numbers were down from July 2017, 1,010 this year compared to 1,146 last year.
However, for the period January to July 2018, total starts – 6,989 – are up from the same period in 2017, which recorded 6,671 starts. Putting this year ahead of last year are multi-family starts, which are 4,676 compared to 4,225 last year. Single-family starts decreased year over year from 2,446 to 2,313.
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