Housing starts in Quebec were trending at 35,936 units in November, compared to 36,484 units in October, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted nnual rates (SAAR) of housing starts.
“In November, we observed a slower pace of apartment starts in Quebec,” said Kevin Hughes, CMHC 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, 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 28,456 units in November, down from 31,043 in October.