Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2015 08:15 ET

November 2015 Housing Starts in the Quebec CMA

QUÉBEC CITY, QUÉBEC--(Marketwired - Dec. 8, 2015) - Housing starts in the Québec census metropolitan area (CMA) were trending at 5,380 units in November, compared to 5,979 in 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)1 of housing starts.

"Despite decreasing, the housing starts trend nevertheless remained relatively high in the Québec area. This level of activity reflected the numerous rental housing starts recorded in recent months. In fact, given the still significant inventory of condominiums, some builders decided instead to develop rental multi-unit residential projects," said Élisabeth Koulouris, CMHC's Principal, Market Analysis, for the Québec CMA.

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 4,786 units in November, up from 3,373 in October. The significant change in the annual rate was due to the multiples segment, which often shows notable variations 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.

Follow CMHC on Twitter @CMHC_ca

[1] All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR)-that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace were maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

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/1035856e.pdf

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