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Quebec  + Canada + Cross Border News  + Multi-residential Housing  | 
Multi-residential construction projects drove Montreal housing starts in August, says CMHC.

Multi-Res Projects Drive Montreal Housing Starts

Multi-residential real estate development projects spurred an increase in Montreal housing starts in August, according to Canada Mortgage and Housing Corporation.

Montreal multi-residential housing starts jumped 48% quarter-over-quarter in August, while the city’s overall housing construction projects rose 41%, CMHC said in a news release accompanying its latest quarterly report. Those increases contrasted with a 6% year-over-year decline in the city’s total housing starts.

Montreal is performing much better than the rest of Canada when it comes to housing construction projects, said the federal housing agency. Nationally, housing starts dipped 1% between July and August and were down 4% year-over-year.

Multi-residential projects have also helped Montreal outperform Canada’s two other largest cities. Toronto housing starts dropped 20% year-over-year in August, while Vancouver saw a 12% decline from a year earlier.

CMHC chief economist Bob Dugan said multi-unit start have helped offset significant declines in single-detached home starts in all provinces. But the multi-residential projects that started during busy summer months were financed before interest rates rose.

“So the full effect of higher interest rates on construction activity remains to be seen,” said Dugan in the news release.


Inside The Story

CMHCMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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