Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2016 08:15 ET

Montreal Housing Starts on Upward Trend in September

MONTRÉAL, QUÉBEC--(Marketwired - Oct. 11, 2016) - Housing starts in the Montréal census metropolitan area (CMA) were trending at 20,165 units in September compared to 16,046 in August 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.

"Montréal housing starts followed an upward trend in September," said Francis Cortellino, CMHC Principal Market Analyst, for Montréal. "This significant increase is mostly attributable to the start of large rental housing projects, especially such projects targeted to seniors."

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 35,618 units in September, up from 17,779 in August. 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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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1071931A_tables_graph.pdf

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