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Quebec August 2012 Housing starts

Quebec August 2012 Housing starts

In Quebec urban centres, the number of housing starts was trending at 42,600 units in August, according to Canada Mortgage and Housing Corporation (CMHC).
The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR was 39,700 units in August, down from 44,000 in July.
"Starts of single detached homes have kept a stable ra te. As far as multi-family starts are concerned, we observed a slower pace this past month. We still believe that the pace of housing starts for apartments will decrease in the last quarter of the  year," explains Kevin Hughes, Regional Economist at CMHC for Quebec  
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 housing starts are largely driven by the multiples segment of the markets, which can be quite unpredictable from one month to the next.
Elsewhere in the country, August’s seasonally adjusted annual rate of urban starts increased in all other regions. In each region, the increase was mainly due to changes in multiple starts.

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Québec Landlords Association (1)

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