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Quebec residential construction stable in January

Quebec residential construction stable in January

According to Canada Mortgage and Housing Corporation (CMHC), 2,353 homes were started during the month of January 2008, virtually the same number as that recorded during the same month a year ago. CMHC's monthly housing starts survey translates into a 20 per cent rise in Census Metropolitan Area (CMA) starts and a significant drop (-80 per cent) in smaller agglomerations.

In both cases it was starts of multi-family dwellings that caused the changes. "If we take into account of the seasonal effect, January's total amounts to a 22 per cent rebound from the month of December. This is hardly surprising given the fact that activity was rather anaemic during the last months of 2007," stated Kevin Hughes, Provincial Economist at CMHC.

In the single-detached home category, the survey shows an eight per cent rise, for a total of 644 such starts in January 2008 compared to 598 during the same period a year ago. Housing starts were up in the same proportion in Census Metropolitan Areas (CMA), where four of six regions recorded gains. As for agglomerations with 50,000 to 99,999 inhabitants, 59 single detached homes were started compared to 67 in January of 2007.

Starts of multi-family homes in urban centres were down by two per cent last January. According to the survey, 1,709 such housing starts were observed compared to 1,736 in January of 2006. However, this apparent stability masked two opposing movements: a 27 per cent surge in CMA starts (stemming from the start several retirement home projects) and a major drop in agglomerations of 50,000 and 99,999 inhabitants.

The January survey also revealed a significant increase of housing starts aimed at the ownership (18 per cent in CMAs) and rental (83 per cent in CMAs) markets, while starts aimed at condominium tenure were down by 15 per cent in CMAs.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. For more information, visit http://www.cmhc.ca/ or call 1-800-668-2642.

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Québec Landlords Association (1)

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