Housing starts in Quebec were trending at 32,608 units in March, compared to 35,335 units in February, 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 downturn in the trend of housing starts in Quebec was observed in both the multifamily, and especially apartment market segments,” 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 30,142 units in March, down from 37,575 in February.