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Housing  starts  in  Québec's  urban  centres  were  trending  at  34,112 units  in  February,  compared  to  31,433  in  January,  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  housing  starts  rate  hike  observed  in  February  is  explained  by  developments  in  certain  large apartment  construction sites, notably in downtown  Montréal. As  work continues on other such sites, more  occasional  shifts  of  similar  magnitude  will  occur  during  the  course  of  this  year''  said  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 46,330 units in February, up from 27,419 in January.

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Québec Landlords Association

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