Quebec Housing Starts in November

MONTRÉAL, QUEBEC--(Marketwire - Dec. 8, 2011) - According to the results of the latest monthly survey conducted by Canada Mortgage and Housing Corporation (CMHC), residential construction increased this past month in Quebec's centres with 10,000 or more inhabitants. In all, 3,804 dwellings were started in November 2011, compared to 3,541 a year earlier. As well, the seasonally adjusted annual rate of starts for this same month (38,300) was higher than for the month of October (37,100).

The result for November brought year-to-date urban starts to 37,712 units, for a decrease of 6 per cent from the first eleven months of 2010. This decline was due to the single-detached home segment (-17 per cent), as multiple-unit housing starts remained relatively stable (-1 per cent).

"We still expect that the rate of activity in the multi-family segment will decrease in 2012. As for the year-to-date total, it is in line with the forecast we published a year ago," said Kevin Hughes, Senior Economist at CMHC for Quebec.

A increase in activity was registered in the multiple-unit (semi-detached, row and apartment) housing segment, where starts went from 2,569 units in November 2010 to 2,943 units a year later, for a 15 per cent jump. Meanwhile, the seasonally adjusted annual rate was 28,400 for November, compared to 27,400 for the previous month. The November total revealed contrasting results: A sharp increase in the Montréal region (+61 per cent) and a notable drop in the Québec CMA (-53 per cent) (see table).

Single-detached home starts fell by 11 per cent in November 2011 from the same month in 2010. As well, the seasonally adjusted annual rate was 9,900 for November, up from 9,700 for October. From a regional standpoint, 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. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.