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Five-Per-Cent Decline in Housing Starts in Montréal CMA in 2016

MONTRÉAL, January 10, 2017 — Housing starts in the Montréal census metropolitan area (CMA) were trending at 20,441 units in December compared to 19,469 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.

“End-of-year figures for 2016 reveal an overall 5-per-cent decline in housing starts, a result that is largely attributable to the marked 14-per-cent slowdown in condominium starts. The condominium segment, which had previously experienced a boom, has been going through a period of adjustment for the last two years,” said David L’Heureux, CMHC’s Principal, Market Analysis, for the Montréal area.

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 22,736 units in December, up from 16,416 in November. The significant variation in the annual rate was due to the multiple-unit housing segment, where notable fluctuations are often observed from one month to the next.

Preliminary housing starts data is also available in English and French at the following link: Preliminary Housing Starts Tables.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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Information on This Release:

Media Contact
Catherine Léger
514-283-7972
cleger@cmhc-schl.ca

Additional data is available upon request.

* SAAR: Seasonally Adjusted Annual Rate

Preliminary Housing Start Data
December 2016
Montréal CMA1 November 2016 December 2016
Trend2 19,469 20,441
SAAR 16,416 22,736
  December 2015 December 2016
Actual    
December — Single-detached 192 206
December — Multiples 1,819 1,696
December — Total 2,011 1,902
January to December — Single-detached 2,402 2,499
January to December — Multiples 16,342 15,335
January to December — Total 18,744 17,834

Source: CMHC
1 Census Metropolitan Area
2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR). By removing seasonal ups and downs, seasonal adjustment allows for comparison of adjacent months and quarters. The monthly and quarterly SAAR and trend figures indicate the annual level of starts that would be obtained if the same pace of monthly or quarterly construction activity was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
Detailed data available upon request

Montreal Preliminary Actual Housing Start Data by Intended Market
December 2015 – 2016
Montreal, CMA1 Freehold-Single2 Freehold-Multi2 Rental Condo Total
  2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
Montreal Island 12 10 13 27 22 452 205 417 252 906
Laval 8 14 15 26 229 0 6 18 258 58
North-Shore 91 80 17 67 79 84 90 35 277 266
South-Shore 63 68 69 41 426 315 279 128 837 552
Vaudreuil-Soulanges 18 34 4 10 300 17 65 59 387 120
Total Montreal CMA Starts 192 206 118 171 1,056 868 645 657 2,011 1,902

Source: CMHC
1 Census Metropolitan Area
2 Freehold homes refer to dwellings where the owner also holds the title of ownership to the land (single-detached houses and the following multiple-unit housing types: semi-detached houses, row homes and duplexes).
Detailed data available upon request.

Montreal Preliminary Actual Housing Start Data by Intended Market
Year to Date / 2015 – 2016
Montreal, CMA1 Freehold-Single2 Freehold-Multi2 Rental Condo Total
  2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
Montreal Island 162 162 153 167 1,649 2,824 3,899 3,313 5,863 6,466
Laval 174 176 130 120 876 199 785 953 1,965 1,448
North-Shore 1,103 1,126 350 519 2,183 1,386 1,363 1,008 4,999 4,039
South-Shore 667 718 519 683 2,107 1,937 1,516 1,104 4,809 4,442
Vaudreuil-Soulanges 294 317 141 167 376 569 297 386 1,108 1,439
Total Montreal CMA Starts 2,400 2,499 1,293 1,656 7,191 6,915 7,860 6,764 18,744 17,834

Source: CMHC
1 Census Metropolitan Area
2Freehold homes refer to dwellings where the owner also holds the title of ownership to the land (single-detached houses and the following multiple-unit housing types: semi-detached houses, row homes and duplexes).
Detailed data available upon request.

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