Housing starts in Province were trending at 41,203 units in November, 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 40,134 units in November, up from 34,782 in October.
“ According to the various measures that we take, it still can’t be said that a definite slowdown is taking place in apartment construction. That being said, we do observe a convergence of telling signs of a near-term decline in this segment. We are thus still of the opinion that levels will be lower next year,” 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 792 actual units in November 2012. Multiple starts totalled 3,147 actual units in November. Between January and November, total starts have reached 37,094 compared to 37,958 during the same period last year.
The standalone monthly SAAR was 40,134 units in November, up from 34,782 in October.
“ According to the various measures that we take, it still can’t be said that a definite slowdown is taking place in apartment construction. That being said, we do observe a convergence of telling signs of a near-term decline in this segment. We are thus still of the opinion that levels will be lower next year,” 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 792 actual units in November 2012. Multiple starts totalled 3,147 actual units in November. Between January and November, total starts have reached 37,094 compared to 37,958 during the same period last year.