Quebec housing starts in February

Published on by Association des Propriétaires du Québec

Topic(s): Real estate

Source: CMHC

Quebec housing starts in February
According  to the results of the latest monthly survey conducted by Canada Mortgage and Housing Corporation (CMHC),  residential construction  decreased this past month in Quebec’s centres with 10,000 or more inhabitants. In all, 1,746 dwellings were started in February 2011, compared to 1,967 a year earlier. As well, the seasonally adjusted annual rate of starts for  this same month (37,900) was lower than for the month of January (40,800).
 
“This second straight decrease in residential construction  in Quebec was mainly due to the multiple-unit housing segment, where activity should continue to slow down over the course of 2011,” said Kevin Hughes, Senior Economist at CMHC for Quebec.
 
Multi-unit (semi-detached, row and apartment) housing starts fell from 1,465 units  in February 2010 to 1,286 in February 2011, for a drop of 12 per cent. Most of the census metropolitan areas recorded decreases, but the declines were  concentrated  in the Montréal and Québec areas.
 
A more in-depth analysis of the data for centres with 50,000 or more inhabitants shows that condominium starts registered a decline, falling from 478 units in February 2010  to 349  in February  2011 (-27  per cent).  Also, rental housing construction sustained a decrease of 8 per cent (to 539 units in February 2011).
 
In the single-detached home segment,  activity was down by  8  per cent this past February, compared to the same period in 2010, as foundations were laid for 460 new houses in February 2011. The vast majority of centres with 50,000 or more inhabitants registered decreases in starts of this type.

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