Quebec Housing Starts in February

MONTRÉAL, QUÉBEC--(Marketwire - March 8, 2012) - According to the results of the latest monthly survey conducted by Canada Mortgage and Housing Corporation (CMHC), residential construction increased by 13 per cent this past month in Quebec's centres with 10,000 or more inhabitants. In all, 1,939 dwellings were started in February 2012, compared to 1,717 a year earlier. As well, the seasonally adjusted annual rate of starts for this same month (42,100) was higher than for the month of January (28,100).

The increase in residential construction this past month was attributable to the multiple-unit (semi-detached, row and apartment) housing segment, as single-detached home building remained relatively stable.

In the multi-unit housing category, an increase of 19 per cent was registered this past February. In addition, the seasonally adjusted annual rate of starts for February (31,500) rose considerably over January (18,500). Regionally, a gain of nearly 30 per cent was observed in the Montréal census metropolitan area (CMA). As well, the February survey revealed that the hike resulted from increases in condominium construction. "Given the particularly slow pace noted in January, activity had been expected to pick up. However, we still anticipate that total starts in 2012 will be lower than the level recorded in 2011," explained Kevin Hughes, Senior Economist at CMHC for Quebec.

Still according to the survey results, single-detached housing starts remained relatively unchanged from the same month in 2011. The 452 new units enumerated in this category in February made for a 2-per-cent decrease from February 2011. The seasonally adjusted annual rate of starts for February (10,600) was slightly higher than for January (9,600). Regionally, the results were mixed (see table).

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.