Housing starts in the Montréal census metropolitan area (CMA) were trending at 21,492 units in October, 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 21,491 units in October, down from 23,627 in September.
“Last month’s results are in line with the downward trend observed since the beginning of the year in the residential construction sector. The decline affected all market segments. Since the start of the year, however, condominium projects have continued to be the main driver of housing activity,” said David L’Heureux, CMHC’s Senior Market Analyst for the Montréal CMA.
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 volatile from one month to the next.
Actual housing starts in October 2012 totalled 305 units in the case of single-detached houses and 1,517 units for multi-unit housing, with both segments showing decreases from October 2011. From January to October, foundations were laid for 17,025 dwellings, with multi-unit housing accounting for 13,694 starts. Overall, across the zones in the CMA, total housing starts this year are behind the pace set last year.
“Last month’s results are in line with the downward trend observed since the beginning of the year in the residential construction sector. The decline affected all market segments. Since the start of the year, however, condominium projects have continued to be the main driver of housing activity,” said David L’Heureux, CMHC’s Senior Market Analyst for the Montréal CMA.
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 volatile from one month to the next.
Actual housing starts in October 2012 totalled 305 units in the case of single-detached houses and 1,517 units for multi-unit housing, with both segments showing decreases from October 2011. From January to October, foundations were laid for 17,025 dwellings, with multi-unit housing accounting for 13,694 starts. Overall, across the zones in the CMA, total housing starts this year are behind the pace set last year.