Quebec Housing Starts in October

MONTRÉAL, QUÉBEC--(Marketwire - Nov. 8, 2011) - According to the results of the latest monthly survey conducted by Canada Mortgage and Housing Corporation (CMHC), residential construction decreased this past month in Quebec's centres with 10,000 or more inhabitants. In all, 3,488 dwellings were started in October 2011, compared to 4,187 a year earlier. As well, the seasonally adjusted annual rate of starts for this same month (37,400) was lower than for the month of September (52,500).

The result for October brought year-to-date urban starts to 33,908 units, for a decrease of 7 per cent from the first ten months of 2010. This decline was due to the single-detached home segment (-17 per cent), as multiple-unit housing starts barely declined (-2 per cent).

"The rate of activity in the multi-family segment is back to a more sustainable level. 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 decrease in activity was registered in the multiple-unit (semi-detached, row and apartment) housing segment, where starts declined from 3,144 units in October 2010 to 2,695 units a year later, for a 14 per cent drop. Moreover, the seasonally adjusted annual rate was 27,600 for October, compared to 41,300 for the previous month. The result for October was attributable to lower activity in the Québec market.

Single-detached home starts fell by 24 per cent in October 2011 from the same month in 2010. As well, the seasonally adjusted annual rate was 9,800 for October, down from 11,200 for September. The result for October is explained by a significant drop in the Montréal market.

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 homes. 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 vital decisions. For more information, call 1-800-668-2642.

Preliminary Results - Monthly Starts Survey - Province of Quebec

(centres with 10,000+ inhab.)