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Housing starts in Quebec were trending at 36,511 units in October, compared  to  35,327  units  in  September,  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 slight upward trend recorded in October was attributable to the rental housing segment. These results are in line with our forecast, which calls for a rebound in activity in the second half of the year,” 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 31,611  units in  October,  down from 44,781  in  September.  The significant variation in the annual rate was due  to the multiple-unit housing segment, where notable fluctuations are often observed from one month to the next.

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Québec Landlords Association

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