Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2015 08:15 ET

June 2015 Housing Starts in Montreal

MONTREAL, QUEBEC--(Marketwired - July 9, 2015) - Housing starts in the Montréal census metropolitan area (CMA) were trending at 13,464 units in June, compared to 12,218 in May, 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.

"Housing starts in the Montréal area were trending higher in June, essentially as a result of the start of construction on numerous rental apartments, most of which are intended for the seniors' housing market," said Francis Cortellino, Principal for the Montréal area. "Given the significant growth in the senior population forecast over the coming years, several developers are already positioning themselves on this market in order to be able to meet this potential demand".

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 25,197 units in June, up from 15,153 in May.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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.

Follow CMHC on Twitter @CMHC_ca.

Additional data is available upon request.

(Ce document existe également en français.)

To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1016311e.pdf.

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