MONTREAL, QUEBEC--(Marketwired - Feb. 8, 2017) - Housing starts in the Montréal census metropolitan area (CMA) were trending at 19,822 units in January compared to 20,403 in December 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.
"Consistent with trends in 2016, rental apartment starts remained strong in the Montréal area during the first month of the year. In particular, construction got under way on many rental housing projects on the North Shore of Montréal. In the condominium segment, however, the downward adjustment in starts continued," said Francis Cortellino, CMHC's Principal, Market Analysis, for the Montréal area.
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 11,743 units in January, down from 22,598 in December. The significant variation in the annual rate was due to the multiple-unit housing segment, where notable fluctuations 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.)
Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1085183_Montreal-E.pdf