MONTRÉAL, QUÉBEC--(Marketwired - Dec. 8, 2016) - Housing starts in the Montréal census metropolitan area (CMA) were trending at 19,462 units in November compared to 20,557 October 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 marked slowdown in condominium starts in the Montréal CMA persisted in November. As a result, the inventory of unsold new condominiums continued to decline gradually in the metropolitan area. In the case of rental housing starts, however, activity remained relatively steady," said David L'Heureux, 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 16,364 units in November, up from 15,138 in October. 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.
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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1079303a.pdf