Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2016 08:15 ET

May 2016 Housing Starts in Montreal

MONTRÉAL, QUÉBEC--(Marketwired - June 8, 2016) - Housing starts in the Montréal census metropolitan area (CMA) were trending at 16,269 units in May compared to 15,559 in April according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"The rebound in the trend in Montréal area housing starts observed in May was mainly attributable to the start of construction on several major rental projects, some of which are intended specifically for the seniors' housing market. We forecast that the growth in this segment will help limit the decrease in activity anticipated on the new home market this year, especially in the case of condominiums," said Geneviève Lapointe, CMHC's Principal, Market Analysis, for Montréal.

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 23,005 units in May, up from 12,373 in April. The significant variation in the annual rate was due to the multiple-unit housing segment, where ups and downs are often observed from one month to the next.

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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

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/57885er.pdf

Contact Information