Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2014 08:15 ET

Decembre 2013 Housing Starts in Quebec

MONTREAL, QUÉBEC--(Marketwired - Jan. 9, 2014) - Housing starts in Québec's urban centres were trending at 32,244 units in December, compared to 31,588 in November, 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.

"Since the summer of 2013, we have observed a somewhat increased rate of residential housing starts in Quebec, which is not surprising considering the sharp slowdown that occurred at the outset of 2013. We do not expect, however, to return to the pace of previous years, as it would be unsustainable given the easing on the resale market and given demographic projections," commented Kevin Hughes, CMHC Regional Economist for the province of Quebec.

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 stand-alone monthly SAAR was 34,237 units in December, up from 32,573 in November.

Preliminary housing starts data is also available in English and French at the following link:
Preliminary Housing Starts Tables.

[1] All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR)-that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace were maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Follow CMHC on Twitter @CMHC_ca.

Additional data is available upon request.

(Ce document existe également en français.)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/920925a.pdf

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