June: Housing starts higher in New Brunswick

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Housing starts in New Brunswick were trending at 2,049 units in June, compared to 1,768 in May according to Canada Mortgage and Housing Corp. (CMHC).

The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“Overall residential starts activity trended higher in June as a strong showing in multi-residential construction during the month in provincial urban centres, most notably in the rental market, helped offset reduced single-detached activity in most markets” stated Claude Gautreau, CMHC’s senior market analyst for New Brunswick.

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, analyzing 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 3,317 units in June, up from 2,770 in May.

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