MONTRÉAL, QUÉBEC--(Marketwired - Nov. 8, 2016) - Housing starts in the Montréal census metropolitan area (CMA) were trending at 20,604 units in October compared to 20,130 in September 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.
"As a result of the strong level of activity registered in September, the trend in housing starts in the Montréal CMA remained high in October, relative to recent months," said Francis Cortellino, CMHC Principal Market Analyst for the Montréal. "Still, in 2016, the year will end with fewer starts than in 2015, mainly on account of the slowdown in condominium construction".
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 15,204 units in October, down from 35,423 in September. 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/1075490a.pdf