According to the results of the latest monthly survey conducted by Canada Mortgage and Housing Corporation (CMHC), residential construction increased this past month in Quebec’s centres with 10,000 or more inhabitants. In all, 4,616 dwellings were started in September 2011, compared to 3,623 a year earlier. As well, the seasonally adjusted annual rate of starts for this same month (50,700) was higher than for the month of August (38,400).
The result for September brought year-to-date urban starts to 30,420 units, for a decrease of 6 per cent from the first nine months of 2010. This decline was due to the single-detached home segment (-17 per cent), as multiple-unit housing starts barely declined (-1 per cent).
“The notable increase in activity recorded in September was exceptional and resulted from the simultaneous start of construction on a number of new condominium projects in Montréal. Elsewhere across Quebec, housing starts were essentially on the decline. Given the sustained pace observed in recent years and the potential demand, we still expect that the downward trend will resume in the short term,” said Kevin Hughes, Senior Economist at CMHC for Quebec.
An increase in activity was registered in the multiple-unit (semi-detached, row and apartment) housing segment, where starts rose from 2,558 units in September 2010 to 3,590 units a year later, for a gain of 40 per cent. Moreover, the seasonally adjusted annual rate was 39,300 for September, compared to 27,200 for the previous month. The result for September was attributable to the major hike recorded in the Montréal market .
Single-detached home starts fell by 4 per cent in September 2011 from the same month in 2010. As well, the seasonally adjusted annual rate was 11,400 for September, up from 11,200 for August. With the exception of Sherbrooke and Trois-Rivières, all census metropolitan areas (CMAs) in the province sustained decreases
The result for September brought year-to-date urban starts to 30,420 units, for a decrease of 6 per cent from the first nine months of 2010. This decline was due to the single-detached home segment (-17 per cent), as multiple-unit housing starts barely declined (-1 per cent).
“The notable increase in activity recorded in September was exceptional and resulted from the simultaneous start of construction on a number of new condominium projects in Montréal. Elsewhere across Quebec, housing starts were essentially on the decline. Given the sustained pace observed in recent years and the potential demand, we still expect that the downward trend will resume in the short term,” said Kevin Hughes, Senior Economist at CMHC for Quebec.
An increase in activity was registered in the multiple-unit (semi-detached, row and apartment) housing segment, where starts rose from 2,558 units in September 2010 to 3,590 units a year later, for a gain of 40 per cent. Moreover, the seasonally adjusted annual rate was 39,300 for September, compared to 27,200 for the previous month. The result for September was attributable to the major hike recorded in the Montréal market .
Single-detached home starts fell by 4 per cent in September 2011 from the same month in 2010. As well, the seasonally adjusted annual rate was 11,400 for September, up from 11,200 for August. With the exception of Sherbrooke and Trois-Rivières, all census metropolitan areas (CMAs) in the province sustained decreases