Single-family housing starts drop in August, multi-family projects on the rise
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Hey there, time traveller!
This article was published 11/09/2017 (2982 days ago), so information in it may no longer be current.
Local homebuilders started fewer new single-family projects last month, but doubled up on the number of new multi-family starts, Canada Mortgage and Housing Corporation (CMHC) data shows.
Canada Mortgage and Housing Corporation (CMHC) said 153 new single-family homes were started last month in the Winnipeg Census Metropolitan Area (CMA), which includes Winnipeg and 10 neighbouring municipalities.
That was a drop of 16.4 per cent from August 2016’s total of 189 units, and the first time single starts have been down on a yaeer.
However, the decline on the single-family side of the market was more than offset by a doubling in the number of multi-family starts — 358 units compared to 179 a year earlier.
That left the total number of starts for the month up 40 per cent from a year earlier — 516 versus 368. It also left total starts for the first eight months of 2017 running 49 per cent ahead of last year’s pace after the same period, with 3,974 units compared to 2,675.
On a trending basis, the number of starts in the Winnipeg CMA was virtually unchanged in August, with just one more than in August of last year — 5,590 versus 5,589.
The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR). Removing seasonal ups and downs allows for comparison of adjacent months and quarters. The trend figure also indicates the number of starts that would be recorded in 2017 if the same pace of construction activity was to continue for the remainder of the year.
Nationally, the annual pace of housing starts in August increased compared with July.
CMHC said housing starts came in at a seasonally adjusted annual rate of 223,232 units for August, up from 221,974 in July. The increase came as the seasonally adjusted annual rate of urban starts increased by 0.8 per cent in August to 207,524 units.
Multiple urban starts increased by 2.7 per cent to 145,618, while single-detached urban starts fell 3.2 per cent to 61,906 units. Rural starts were estimated at a seasonally adjusted annual rate of 15,708 units.
The six-month moving average of the monthly seasonally adjusted annual rates of housing starts increased to 219,447 in August compared with 217,339 in July.
— with files by The Canadian Press
murray.mcneill@freepress.mb.ca