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Housing  starts  in  Quebec  were  trending  at  32,131 units  in December,  compared  to  32,491  units  in  November,  according  to  Canada  Mortgage  and  Housing Corporation (CMHC).  The  trend  is  a six-month moving  average  of  the monthly  seasonally  adjusted
annual rates (SAAR) of housing starts.

“The lower  pace of housing starts in December  is  observable in both single detached and multi-family home categories.  If Quebec housing starts increased in 2014, it was due to  developments in certain large apartment construction sites in downtown Montréal. Had it not been  for this particular case, the yearly total would have been down,” said Kevin Hughes, CMHC’s Senior Economist for Quebec.

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

The stand-alone monthly SAAR was 29,760 units in December, down from 36,106 in November.

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Québec Landlords Association

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