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December 2012 Housing Starts in Quebec

December 2012 Housing Starts in Quebec

Housing starts in Québec were trending at 40,349 units in December, 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 standalone monthly SAAR was 36,210 units in  December, down from 41,063 in November.
 
“As expected, in Quebec, the pace of residential housing starts has been weaker during the past months, notably in the apartment segment. Considering the economic outlook, the easing in the resale market and expected supply, the rate of housing starts will further weaken. The yearly total of housing starts for 2012 is in-line with our forecast,” said Kevin Hughes, CMHC’s Regional 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, analysing 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.  
 
Single-detached starts amounted to 739 actual units in December 2012. Multiple starts totalled 2,403 actual units in December. Between January and December, total starts have reached 40,526 compared to 41,799 during the same period last year.

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Québec Landlords Association (1)

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