Quebec July 2012 Housing Starts

MONTRÉAL, QUÉBEC--(Marketwire - Aug. 9, 2012) - In Quebec urban centres, the number of housing starts was trending at 43,017 units in July, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR)¹ total starts data. The standalone monthly SAAR was 44,300 units, up from 43,000 units in June.

"As has been the case since the beginning of the year, the rise in residential construction recorded in Quebec in July was essentially attributable to the multiple housing segment," said Francis Cortellino, Senior Market Analyst at CMHC.

For some markets, 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. Analysing only SAAR data can be misleading in some markets in some situations, as they are largely driven by the multiples segment of the markets which can be quite volatile from one month to the next.

Elsewhere in the country, July's seasonally adjusted annual rate of urban starts increased in Ontario but decreased in Atlantic Canada, British Columbia and the Prairies. In each region, the decrease or increase was mainly due to changes in multiple starts.

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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 was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.

This release is also available at www.cmhc.ca.

A graph is available at the following address: http://media3.marketwire.com/docs/Table_ENG_810935.pdf

Housing Starts, Actual and SAAR*
			Actual		SAAR
			July	July	June	July
			2011	2012	2012	2012
			Revised	Preliminary	Revised	Preliminary
Canada, all areas			19,423	19,252	222,100	208,500
	Canada, rural areas		2,193	2,376	22,000	21,200
	Canada, urban centres**		17,230	16,876	200,100	187,300
		Canada, singles, urban centres	6,888	6,315	67,000	64,300
		Canada, multiples, urban centres	10,342	10,561	133,100	123,000
		Atlantic region, urban centres	1,409	890	9,800	8,000
		Quebec, urban centres	3,667	3,983	43,000	44,300
		Ontario, urban centres	6,615	6,324	71,000	72,400
		Prairie region, urban centres	3,154	3,565	42,100	38,400
		British Columbia, urban centres	2,385	2,114	34,200	24,200

Source: CMHC

*Seasonally adjusted annual rates

** Urban centres with a population of 10,000 and over.

Detailed data available upon request.