Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2012 08:15 ET

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.

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 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.

(Aussi disponible en francais.)

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