Nov. 09, 2015 | CREBNow
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.
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."