Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 09, 2015 08:15 ET

October 2015 Housing Starts in Quebec

MONTRÉAL, QUÉBEC--(Marketwired - Nov. 9, 2015) - Housing starts in Quebec were trending at 36,511 units in October, compared to 35,327 units 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)1 of housing starts.

"The slight upward trend recorded in October was attributable to the rental housing segment. These results are in line with our forecast, which calls for a rebound in activity in the second half of the year," said Kevin Hughes, CMHC's Senior Economist for Quebec.

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 31,611 units in October, down from 44,781 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.

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[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/1031769e.pdf

Contact Information

  • Media Contact
    Catherine Leger
    514-283-7972
    Mobile: 514-475-5165
    cleger@cmhc.ca