According to the results of the latest monthly survey conducted by Canada Mortgage and Housing Corporation (CMHC), residential construction increased this past month in Quebec’s centres with 10,000 or more inhabitants. In all, 3,860 dwellings were started in July 2010, compared to 3,458 a year earlier. “The growth in housing starts recorded in July represented the weakest gain since the beginning of the year. The new home market, just like the resale market did previously, will likely moderate in the next few months, which is in line with our forecast,” said Francis Cortellino, Senior Market Analyst at CMHC. The seasonally adjusted annual rate of starts for this same month (46,900) was lower than for the month of June (47,100).
The increase in residential construction in July was mainly attributable to the multi-unit housing segment, where housing starts climbed from 2,128 units, in July 2009, to 2,665 units, a year later, for a gain of 25 per cent. A more in-depth analysis of the data revealed however an opposing dynamic: while rental and semi-detached housing construction decreased, condominium apartment starts recorded a significant increase (1,576 units in 2010 compared to 866 units in 2009). The Montréal and Québec CMAs were mainly responsible for this rise on the condominium market. The other major centres, for their part, all posted decreases in multiple starts, except Sherbrooke, where foundations were laid for many rental units. Single-detached home building fell by 10 per cent year-over-year in July, as four of the
six CMAs recorded losses. Based on the survey results, the Trois-Rivières and Sherbrooke areas registered the largest declines (-30 per cent and -15 per cent respectively). The Gatineau area posted the greatest gain (+19 per cent).
Just like the province, construction was on the rise in the large Census Agglomerations (CAs). However, results were mixed from centre to centre, with no increases in housing starts observed in three of the province’s five CAs.
For the first seven months of the year, starts in Quebec’s centres with 10,000 or more inhabitants were up by 31 per cent, compared to the same period in 2009. This result reflected the increases in multi-unit housing construction (+38 per cent) and, to a lesser extent, in single-detached home building (+20 per cent).
The increase in residential construction in July was mainly attributable to the multi-unit housing segment, where housing starts climbed from 2,128 units, in July 2009, to 2,665 units, a year later, for a gain of 25 per cent. A more in-depth analysis of the data revealed however an opposing dynamic: while rental and semi-detached housing construction decreased, condominium apartment starts recorded a significant increase (1,576 units in 2010 compared to 866 units in 2009). The Montréal and Québec CMAs were mainly responsible for this rise on the condominium market. The other major centres, for their part, all posted decreases in multiple starts, except Sherbrooke, where foundations were laid for many rental units. Single-detached home building fell by 10 per cent year-over-year in July, as four of the
six CMAs recorded losses. Based on the survey results, the Trois-Rivières and Sherbrooke areas registered the largest declines (-30 per cent and -15 per cent respectively). The Gatineau area posted the greatest gain (+19 per cent).
Just like the province, construction was on the rise in the large Census Agglomerations (CAs). However, results were mixed from centre to centre, with no increases in housing starts observed in three of the province’s five CAs.
For the first seven months of the year, starts in Quebec’s centres with 10,000 or more inhabitants were up by 31 per cent, compared to the same period in 2009. This result reflected the increases in multi-unit housing construction (+38 per cent) and, to a lesser extent, in single-detached home building (+20 per cent).