In Quebec urban centres, the number of housing starts was trending at 43,017 units in July, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR) total starts data. The standalone monthly SAAR was 44,300 units, up from 43,000 units in June.
“As has been the case since the beginning of the year, the rise in residential construction recorded in Quebec in July was essentially attributable to the multiple housing segment,” said Francis Cortellino, Senior Market Analyst at CMHC.
For some markets, 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. Analysing only SAAR data can be misleading in some markets in some situations, as they are largely driven by the multiples segment of the markets which can be quite volatile from one month to the next.
Elsewhere in the country, July’s seasonally adjusted annual rate of urban starts
increased in Ontario but decreased in Atlantic Canada, British Columbia and the Prairies. In each region, the decrease or increase was mainly due to changes in multiple starts.
“As has been the case since the beginning of the year, the rise in residential construction recorded in Quebec in July was essentially attributable to the multiple housing segment,” said Francis Cortellino, Senior Market Analyst at CMHC.
For some markets, 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. Analysing only SAAR data can be misleading in some markets in some situations, as they are largely driven by the multiples segment of the markets which can be quite volatile from one month to the next.
Elsewhere in the country, July’s seasonally adjusted annual rate of urban starts
increased in Ontario but decreased in Atlantic Canada, British Columbia and the Prairies. In each region, the decrease or increase was mainly due to changes in multiple starts.