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1 H o u s i n g M a r k e t I n f o r m a t i o n Housing Now Québec CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: First Quarter 2011 Québec area housing starts in the fourth quarter of Residential construction remained strong in the Québec census metropolitan area (CMA) during the last quarter of. According to the latest data released by Canada Mortgage and Housing Corporation (CMHC), 1,789 housing units were started from October to December, compared to 1,600 during the same period in. Housing starts in the last quarter of climbed by 12 per cent compared to the same quarter in. Two market segments stood out during this period: condominiums (+47 per cent) and rental housing (+13 per cent). For the year overall, residential Table of Contents 1 Québec area housing starts in the fourth quarter of 2 Resale market results for reflect limited activity due to a short supply 4 Map - Québec CMA 5 Zone descriptions 6 Report tables 22 Methodology 22 Definitions Figure 1 Housing Starts Fourth Quarter XXXXXXXXXX XXXXXXX Freehold 2,000 1,500 1, Source: CMHC Subscribe Now! Access CMHC s Market Analysis Centre publications quickly and conveniently on the Order Desk at View, print, download or subscribe to get market information ed to you on the day it is released. CMHC s electronic suite of national standardized products is available for free. Housing market intelligence you can count on

2 construction activity increased significantly, as foundations were laid for 6,652 units. This total represented a gain of 21 per cent year over year and a 23-year high. Starts of freehold homes 1 grew by 13 per cent. Singledetached home building was up only slightly (+1 per cent). On the other hand, semi-detached housing starts jumped by 34 per cent, with 818 units started. In, condominium starts rose by 31 per cent, reaching a peak of 1,727 units. housing construction was also significant in, as 1,911 such units got under way, for a gain of 24 per cent over the year before. The activity observed in this segment was supported by the tight conditions on the rental market, where demand was strong and the vacancy rate stood at just 1 per cent this past October. The vigorous residential construction reflected the favourable economic environment enjoyed by the Québec area. Employment is on the rise, and the unemployment rate is among the lowest in the country (4.9 per cent in ). In addition, the low mortgage rates and the tight resale market have helped support demand for new homes. In all urban centres with 10,000 or more inhabitants across Quebec, 43,556 housing starts were enumerated in, for an increase of 18 per cent from. Among the CMAs in Quebec, five ended with year-over-year gains, namely, Trois-Rivières (+65 per cent), Saguenay (+39 per cent), Québec (+21 per cent), Montréal (+14 per cent) and Sherbrooke (+5 per cent). Only the Gatineau area showed a decrease in housing activity (-14 per cent). Resale market results for reflect limited activity due to a short supply In the last quarter of, MLS transactions sustained a decrease of 17 per cent from the same period in. It should be recalled however that, at the end of, strong activity had been registered as a result of a catch-up and move-up effect caused by the low mortgage rates and the anticipation that these rates would rise. Many buyers therefore made their purchases earlier than they had originally planned, while others who had put their plans on hold because of the prevailing economic uncertainty finally went ahead and bought a home. The sales volume recorded from October to December consequently represented a stabilization of the market. Despite this decrease in sales, prices continued to rise during the last three Figure 2 7,714 6,811 6,777 MLS Sales XXXXXXXXXX XXXXXXX 7,525 7,490 months of, with a hike of 13 per cent over the same period in. This was due to the still tight market conditions, as the seller-to-buyer ratio was 6.5 to 1. Sellers therefore had the edge, since buyers were faced with a limited number of properties for sale (a market is considered balanced when the seller-to-buyer ratio is between 8 and 10 to 1). In fact, the price increases reflected these market conditions, with the average MLS price of single-family houses rising by close to 16 per cent in the fourth quarter of over a year earlier, while the gains were nearly 8 per cent for condominiums and almost 6 per cent for plexes. The market eased, however, with the seller-to-buyer ratio reaching 6.5 to 1 in the fourth quarter of, compared to 4.3 to 1 during the corresponding period in. In this context, one of the key factors that allowed the market to ease lied in the increase in new listings, which broadened the supply of properties 7,955 7,838 7,962 7, Source: QFREB by Centris 1 Freehold homes refer to dwellings where the owner also holds the title of ownership to the land (single-detached, semi-detached and row houses, as well as duplexes). 2

3 for sale. From October to December, the number of single-family homes put up for sale rose by 12.5 per cent over the corresponding period in. The new supply also posted a significant gain for plexes (+13.7 per cent) but grew by only 2.6 per cent in the case of condominiums. The results for reflected limited activity due to a short supply. In fact, MLS transactions fell by 11 per cent from. The average MLS price, for its part, rose by 11.8 per cent, showing that supply had difficulty in meeting demand. In fact, the sellerto-buyer ratio remained at 5.3 to 1, and properties for sale (active listings) decreased by 4.3 per cent. It was mainly in the single-family home segment that buyers had to contend with a limited supply, as new listings rose only slightly (+1.3 per cent) and active listings fell by 6 per cent. As a result, MLS sales of such homes declined by 15 per cent, while the average price posted a gain of 12 per cent. For condominiums, the average MLS price rose by 9 per cent in. This increase, which was less significant than the hike for single-family houses, reflected the less tight market conditions in this segment. New listings of this type effectively grew by 11 per cent, which kept the sales volume stable in relation to (-0.6 per cent). Demand for plexes stayed very strong in, but the limited inventory prevented this demand from being fully expressed. Transactions were down by 8 per cent, even though new listings were up by 13 per cent. In fact, this segment had the lowest seller-tobuyer ratio (4.6 to 1). Consequently, the average price climbed by 17 per cent, but it should be noted that this hike might also be partly attributable to a sales mix effect (these transactions include plexes with two to five units). Figure 3 Average XXXXXXXXXX MLS XXXXXXX Price Residential Properties $237,240 $152,853 $162,764 $181,184 $197,450 $212, Source: QFREB by Centris 3

4 Québec CMA Total Number of Starts January - December N 5 AV 05 LAURENTIENNE HWY ROYAL VALCARTIER BLVD ROCHETTE BLVD FÉLIX LECLERC HWY CHAREST HWY AV 09 RANG NE JEAN LESAGE HWY BÉLAIR DU PONT ST ROBERT CLICHE HWY - 73 ROAD Km Legend starts 653-1,032 starts 1,033-1,412 starts Not surveyed 4

5 ZONE DESCRIPTIONS - QUEBEC CMA Zones Municipalities and Zones Large Zones Zone 1 Lower Town Québec, Vanier North Centre Zone 2 Upper Town Québec North Centre Zone 3 Québec-Des Rivières (Neufchatel, Duberger, Les Saules, Lebourgneuf), Ancienne-Lorette North Centre Zone 4 Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin North Centre Zone 5 Val-Belair, Saint-Emile, Loretteville, Lac-Saint-Charles, Lac Delage, Valcartier, Shannon, Lac-Saint- Joseph, Sainte-Catherine-de-la-Jacques-Cartier, Fossambault Northern Suburbs Zone 6 Charlesbourg, Lac-Beauport, Stoneham-Tewkesbury Northern Suburbs Zone 7 Beauport, Sainte-Brigitte-de-Laval, Boischatel, L'Ange-Gardien, Château-Richer, l'ile-d'orleans Northern Suburbs Zone 8 Charny, Saint-Rornuald, Saint-Jean-Chrysostome, Saint-Nicolas, Saint-Rédempteur, Breakeyville, Saint- Lambert, Saint-Etienne South Shore Zone 9 Levis, Pintendre, Saint-Joseph-de-Levy, Saint-Etiennede-Beaumont South Shore 5

6 HOUSING NOW REPORT TABLES Available in ALL reports: 1 Housing Activity Summary of CMA 2 Starts by and by Dwelling Type Current Month or Quarter 2.1 Starts by and by Dwelling Type Year-to-Date 3 Completions by and by Dwelling Type Current Month or Quarter 3.1 Completions by and by Dwelling Type Year-to-Date 4 Absorbed Single-Detached Units by Price Range 5 MLS Residential Activity 6 Economic Indicators Available in SELECTED Reports: 1.1 Housing Activity Summary by 1.2 History of Housing Activity (once a year) 2.2 Starts by, by Dwelling Type and by Intended Market Current Month or Quarter 2.3 Starts by, by Dwelling Type and by Intended Market Year-to-Date 2.4 Starts by and by Intended Market Current Month or Quarter 2.5 Starts by and by Intended Market Year-to-Date 3.2 Completions by, by Dwelling Type and by Intended Market Current Month or Quarter 3.3 Completions by, by Dwelling Type and by Intended Market Year-to-Date 3.4 Completions by and by Intended Market Current Month or Quarter 3.5 Completions by and by Intended Market Year-to-Date 4.1 Average Price ($) of Absorbed Single-Detached Units SYMBOLS n/a Not applicable * Totals may not add up due to co-operatives and unknown market types ** Percent change > 200% - Nil -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation 6

7 Table 1: Housing Activity Summary of Québec CMA Fourth Quarter Ownership Single Freehold Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row STARTS , ,600 % Change n/a Year-to-date 1, , ,795 6,652 Year-to-date 1, , ,344 5,513 % Change n/a ** UNDER CONSTRUCTION , ,283 3, ,079 2,830 % Change n/a COMPLETIONS , ,339 % Change n/a ** n/a ** 30.5 Year-to-date 1, , ,599 6,419 Year-to-date 1, , ,174 5,120 % Change n/a n/a COMPLETED & NOT ABSORBED , % Change n/a n/a ABSORBED , ,334 % Change n/a ** n/a Year-to-date 1, , ,521 5,950 Year-to-date 1, , ,225 4,951 % Change n/a n/a Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 7

8 Table 1.1: Housing Activity Summary by Fourth Quarter Ownership Single Freehold Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row STARTS Centre nord Périphérie nord Rive sud Québec CMA , ,600 New City of Québec , ,230 New City of Lévis UNDER CONSTRUCTION Centre nord , ,233 Périphérie nord , ,375 Rive sud Québec CMA , ,283 3, ,079 2,830 New City of Québec ,102 2, ,191 New City of Lévis Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 8

9 Table 1.1: Housing Activity Summary by Fourth Quarter Ownership Single Freehold Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row COMPLETIONS Centre nord Périphérie nord Rive sud Québec CMA , ,339 New City of Québec , New City of Lévis COMPLETED & NOT ABSORBED Centre nord Périphérie nord Rive sud Québec CMA , New City of Québec New City of Lévis Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 9

10 Table 1.1: Housing Activity Summary by Fourth Quarter Ownership Single Freehold Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row ABSORBED Centre nord Périphérie nord Rive sud Québec CMA , ,334 New City of Québec New City of Québec Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 10

11 Table 1.2: History of Housing Starts of Québec CMA Ownership Single Freehold Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row 1, , ,795 6,652 % Change n/a ** , , ,344 5,513 % Change n/a n/a , , ,353 5,457 % Change n/a ** , ,564 5,284 % Change n/a , , ,095 5,176 % Change n/a , , ,368 5,835 % Change n/a , , ,672 6,186 % Change n/a n/a , , ,350 5,599 % Change n/a ** n/a , ,117 4,282 % Change n/a n/a 61.8 n/a , ,555 Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 11

12 Table 2: Starts by and by Dwelling Type Fourth Quarter Single Semi Row Apt. & Other Total % Change Québec - Basse-ville, Vanier Québec - Haute-ville n/a Québec - Des Rivières, L'Ancienne-Lorette Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA , ,789 1, Table 2.1: Starts by and by Dwelling Type January - December Single Semi Row Apt. & Other Total % Change Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette , ,412 1, Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc , Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc , Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA 1,768 1, ,799 2,973 6,652 5, Source: CMHC (Starts and Completions Survey) 12

13 Table 2.2: Starts by, by Dwelling Type and by Intended Market Fourth Quarter Freehold and Row Freehold and Apt. & Other Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA Table 2.3: Starts by, by Dwelling Type and by Intended Market January - December Freehold and Row Freehold and Apt. & Other Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA ,891 1,436 1,795 1,344 Source: CMHC (Starts and Completions Survey) 13

14 Table 2.4: Starts by and by Intended Market Fourth Quarter Freehold Total* Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA ,789 1,600 Table 2.5: Starts by and by Intended Market January - December Freehold Total* Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette ,412 1,000 Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc ,158 Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc , Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA 3,014 2,658 1,727 1,315 1,798 1,347 6,652 5,513 Source: CMHC (Starts and Completions Survey) 14

15 Table 3: Completions by and by Dwelling Type Fourth Quarter Single Semi Row Apt. & Other Total % Change Québec - Basse-ville, Vanier ** Québec - Haute-ville n/a Québec - Des Rivières, L'Ancienne-Lorette Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin ** Val-Bélair, Saint Émile, Loretteville, etc Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA , ,748 1, Table 3.1: Completions by and by Dwelling Type January - December Single Semi Row Apt. & Other Total % Change Québec - Basse-ville, Vanier Québec - Haute-ville ** Québec - Des Rivières, L'Ancienne-Lorette , Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin ** Val-Bélair, Saint Émile, Loretteville, etc , Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc , Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA 1,959 1, ,359 2,611 6,419 5, Source: CMHC (Starts and Completions Survey) 15

16 Table 3.2: Completions by, by Dwelling Type and by Intended Market Fourth Quarter Freehold and Row Freehold and Apt. & Other Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA Table 3.3: Completions by, by Dwelling Type and by Intended Market January - December Freehold and Row Freehold and Apt. & Other Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA ,488 1,343 1,599 1,174 Source: CMHC (Starts and Completions Survey) 16

17 Table 3.4: Completions by and by Intended Market Fourth Quarter Freehold Total* Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA ,748 1,339 Table 3.5: Completions by and by Intended Market January - December Freehold Total* Québec - Basse-ville, Vanier Québec - Haute-ville Québec - Des Rivières, L'Ancienne-Lorette , Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin Val-Bélair, Saint Émile, Loretteville, etc , Charlesbourg, Stoneham, etc Beauport, Boischâtel, Île-d'Orléans, etc , Charny, Saint-Romuald, Saint-Jean-Chr., etc Lévis, Pintendre, etc Québec CMA 3,186 2,601 1,359 1,251 1,602 1,174 6,419 5,120 Source: CMHC (Starts and Completions Survey) 17

18 Table 4: Absorbed Single-Detached Units by Price Range Fourth Quarter Price Ranges < $175,000 Units Share (%) $175,000 - $199,999 Share Units (%) $200,000 - $249,999 Share Units (%) $250,000 - $299,999 Share Units (%) $300,000 + Centre nord , , , ,000 Year-to-date , ,425 Year-to-date , ,140 Périphérie nord , , , ,497 Year-to-date , ,290 Year-to-date , ,113 Rive sud , , , ,258 Year-to-date , ,785 Year-to-date , ,625 Québec CMA , , , ,132 Year-to-date , , ,370 Year-to-date , , ,172 New City of Québec , , , ,099 Year-to-date , ,256 Year-to-date , ,806 New City of Lévis , , , ,328 Year-to-date , ,001 Year-to-date , ,674 Units Share (%) Total Median Price ($) Average Price ($) Source: CMHC (Market Absorption Survey) A methodological change in the collection of selling prices was introduced in July. 18

19 Table 4.1: Average Price ($) of Absorbed Single-detached Units Fourth Quarter % Change % Change Québec - Basse-ville, Vanier n/a n/a Québec - Haute-ville n/a n/a Québec - Des Rivières, L'Ancienne-Lorette 442, , , , Sainte-Foy, Sillery, Cap-Rouge, Saint-Augustin 689, , , , Val-Bélair, Saint Émile, Loretteville, etc 274, , , , Charlesbourg, Stoneham, etc 336, , , , Beauport, Boischâtel, Île-d'Orléans, etc 289, , , , Charny, Saint-Romuald, Saint-Jean-Chr., etc 320, , , , Lévis, Pintendre, etc 300, , , , Québec CMA 330, , , , Source: CMHC (Market Absorption Survey) A methodological change in the collection of selling prices was introduced in July. 19

20 Table 5: MLS Residential Activity 1 for Quebec Last Four Quarters 3 Number of Sales Number of New Listings Number of Active Listings Average Price ($) Active Listings to Sales Ratio 2 Average Price 2 ($) Active Listings to Sales Ratio 2 SINGLE FAMILY* 984 1,622 2, , , ,274 1,442 1, , , % Change n/a 11.9 n/a 4,698 7,406 2, , n/a n/a 5,507 7,314 2, , n/a n/a % Change n/a n/a n/a CONDOMINIUMS* , , , , % Change n/a 8.7 n/a 1,804 2, , n/a n/a 1,815 2, , n/a n/a % Change n/a n/a n/a PLEX* , , , , % Change n/a 16.6 n/a , n/a n/a , n/a n/a % Change n/a n/a n/a TOTAL 1,541 2,461 3, , , ,864 2,242 2, , , % Change n/a 11.8 n/a 7,083 11,168 3, , n/a n/a 7,962 10,685 3, , n/a n/a % Change n/a n/a n/a MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: QFREB by Centris. 2 Calculations: CMHC. 3 Weighted average for the last four quarters, to reduce strong variations from one quarter to another and give a clearer trend. -- Data not available when there are fewer than 30 sales. n/a Not applicable. * Refer to QFREB for the definitions. ** Observed change greater than 100%. 20

21 P & I Per $100,000 Interest Rates Table 6: Economic Indicators Fourth Quarter Mortage Rates (%) NHPI, Total, Québec CMA 1997=100 Participation Rate (%) SA 1 Yr. Term 5 Yr. Term January February March April May June July August September October November December January February March April May June July August September October November December CPI, 2002 =100 Employment SA (,000) Québec Labour Market Unemployment Rate (%) SA Average Weekly Earnings ($) "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CMHC, adapted from Statistics Canada (CANSIM), Statistics Canada (CANSIM) 21

22 Methodology Starts & Completions Survey Methodology The Starts and Completions Survey is conducted by way of site visits which are used to confirm that new units have reached set stages in the construction process. Since most municipalities in the country issue building permits, these are used as an indication of where construction is likely to take place. In areas where there are no permits, reliance has to be placed either on local sources or searching procedures. The Starts and Completions Survey is carried out monthly in urban areas with population in excess of 50,000, as defined by the 2006 Census. In urban areas with populations of 10,000 to 49,999, all Starts are enumerated in the last month of the quarter (i.e. four times a year, in March, June, September and December). In these centres with quarterly enumeration, Completion activity is modelled based on historical patterns. Monthly Starts and Completions activity in these quarterly locations are statistically estimated at a provincial level for single and multi categories. Centres with populations below 10,000 are enumerated on a sample basis, also in the last month of each quarter (i.e. four times a year, in March, June, September and December). The Starts and Completions Survey enumerates dwelling units in new structures only, designed for non-transient and year-round occupancy. Mobile homes are included in the surveys. A mobile home is a type of manufactured house that is completely assembled in a factory and then moved to a foundation before it is occupied. Trailers or any other movable dwelling (the larger often referred to as a mobile home) with no permanent foundation are excluded from the survey. Conversions and/or alterations within an existing structure are excluded from the surveys as are seasonal dwellings, such as: summer cottages, hunting and ski cabins, trailers and boat houses; and hostel accommodations, such as: hospitals, nursing homes, penal institutions, convents, monasteries, military and industrial camps, and collective types of accommodation such as: hotels, clubs, and lodging homes. Market Absorption Survey Methodology The Market Absorption Survey is carried out in conjunction with the Starts and Completions Survey in urban areas with populations in excess of 50,000. When a structure is recorded as completed, an update is also made as units are sold or rented. The dwellings are then enumerated each month until such time as full absorption occurs. STARTS AND COMPLETIONS SURVEY AND MARKET ABSORPTION SURVEY DEFINITIONS A dwelling unit, for purposes of the Starts and Completions Survey, is defined as a structurally separate set of self-contained living premises with a private entrance from outside the building or from a common hall, lobby, or stairway inside the building. Such an entrance must be one that can be used without passing through another separate dwelling unit. A start, for purposes of the Starts and Completions Survey, is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage where a basement will not be part of the structure. The number of units under construction as at the end of the period shown, takes into account certain adjustments which are necessary for various reasons. For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start. A completion, for purposes of the Starts and Completions Survey, is defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10 per cent of the proposed work remains to be done. The term absorbed means that a housing unit is no longer on the market (i.e. has been sold or rented). This usually happens when a binding contract is secured by a non-refundable deposit and has been signed by a qualified purchaser. The purpose of the Market Absorption Survey is to measure the rate at which units are sold or rented after they are completed, as well as collect prices. 22

23 DWELLING TYPES: A Single-Detached dwelling (also referred to as Single ) is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. Includes link homes, where two units may share a common basement wall but are separated above grade. Also includes cluster-single developments. A Semi-Detached (Double) dwelling (also referred to as Semi ) is one of two dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending from ground to roof. A Row (Townhouse) dwelling is a one family dwelling unit in a row of three or more attached dwellings separated by a common or party wall extending from ground to roof. The term Apartment and other includes all dwellings other than those described above, including structures commonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes. Intended market: The intended market is the tenure in which the unit is being marketed. This includes the following categories: Freehold: A residence where the owner owns the dwelling and lot outright. (including Strata-Titled): An individual dwelling which is privately owned, but where the building and/or the land are collectively owned by all dwelling unit owners. A condominium is a form of ownership rather than a type of house. : Dwelling constructed for rental purposes regardless of who finances the structure. Geographical terms: A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent municipalities must have a high degree on integration with the central urban area, as measured by commuting flows derived from census place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions. A Rural area, for the purposes of this publication, is a centre with a population less than 10,000. All data presented in this publication is based on Statistics Canada s 2006 Census area definitions, except the Economic Indicators data (Table 6) which is based on Statistics Canada s 2001 Census area definitions. 23

24 CMHC Home to Canadians (CMHC) has been Canada's national housing agency for more than 60 years. Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable homes homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at You can also reach us by phone at or by fax at Outside Canada call or fax to supports the Government of Canada policy on access to information for people with disabilities. If you wish to obtain this publication in alternative formats, call The Market Analysis Centre s (MAC) electronic suite of national standardized products is available for free on CMHC s website. You can view, print, download or subscribe to future editions and get market information ed automatically to you the same day it is released. It s quick and convenient! Go to For more information on MAC and the wealth of housing market information available to you, visit us today at To subscribe to priced, printed editions of MAC publications, call All rights reserved. CMHC grants reasonable rights of use of this publication s content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions, and forecasts including the citation of limited amounts of supporting data extracted from this publication. Reasonable and limited rights of use are also permitted in commercial publications subject to the above criteria, and CMHC s right to request that such use be discontinued for any reason. Any use of the publication s content must include the source of the information, including statistical data, acknowledged as follows: Source: CMHC (or Adapted from CMHC, if appropriate), name of product, year and date of publication issue. Other than as outlined above, the content of the publication cannot be reproduced or transmitted to any person or, if acquired by an organization, to users outside the organization. Placing the publication, in whole or part, on a website accessible to the public or on any website accessible to persons not directly employed by the organization is not permitted. To use the content of any CMHC Market Analysis publication for any purpose other than the general reference purposes set out above or to request permission to reproduce large portions of, or entire CMHC Market Analysis publications, please contact: the Canadian Housing Information Centre (CHIC) at mailto:chic@cmhc.gc.ca; or For permission, please provide CHIC with the following information: Publication s name, year and date of issue. Without limiting the generality of the foregoing, no portion of the content may be translated from English or French into any other language without the prior written permission of. The information, analyses and opinions contained in this publication are based on various sources believed to be reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which or any of its employees shall incur responsibility. 24

25 Housing market intelligence you can count on FREE REPORTS AVAILABLE ON-LINE n Canadian Housing Statistics n Housing Information Monthly n Housing Market Outlook, Canada n Housing Market Outlook, Highlight Reports Canada and Regional n Housing Market Outlook, Major Centres n Housing Market Tables: Selected South Central Ontario Centres n Housing Now, Canada n Housing Now, Major Centres n Housing Now, Regional n Monthly Housing Statistics n Northern Housing Outlook Report n Preliminary Housing Start Data n Renovation and Home Purchase Report n Market Provincial Highlight Reports Now semi-annual! n Market Reports, Major Centres n Market Statistics Now semi-annual! n Residential Construction Digest, Prairie Centres n Seniors Housing Reports n Seniors Housing Reports - Supplementary Tables, Regional CMHC s Market Analysis Centre e-reports provide a wealth of detailed local, provincial, regional and national market information. Forecasts and Analysis Future-oriented information about local, regional and national housing trends. Statistics and Data Information on current housing market activities starts, rents, vacancy rates and much more. Get the market intelligence you need today! Click to view, download or subscribe. Housing Market Information - Monthly Housing Starts Tool A tool to help you access monthly housing start data quickly and easily. Share this tool or host it on your website. Information at your fingertips!

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