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Housing  starts in  Québec's urban centres  were trending at  32,244 units  in  December,  compared  to  31,588  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.

"Since the summer of 2013, we have observed a somewhat increased rate of residential housing starts in Quebec, which is not surprising considering the sharp slowdown that occurred at the outset of 2013. We do not expect, however, to return to the pace of previous years, as it would be unsustainable given the  easing  on  the  resale  market  and  given  demographic  projections,"  commented  Kevin  Hughes, CMHC Regional Economist for the province of 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 34,237 units in December, up from 32,573 in November.

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Québec Landlords Association

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