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Housing  starts  in  Quebec  were  trending  at  32,704 units  in September,  compared  to  32,111  units  in  August,  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.

“In September,  like in  certain other  months  during  the year,  the start of construction on some  large residential  projects  brought  about  an  increase  in  the  rate  of  housing  starts.  This  phenomenon therefore supported strong residential construction in the province, especially in Montréal, Québec and Trois-Rivières.  The  rise  in  the  pace  of  multi-unit  housing  starts  more  than  offset  the  slowdown  in single-detached home construction. The relatively significant supply that persists on the resale market, combined  with  the  weak  employment  growth,  continues  to  limit  homebuilding  overall,”  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 34,767 units in September, up from 29,807 in August.

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Québec Landlords Association

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