Montréal CMA. Highlights. August Montréal metropolitan area. Date Released: Table of Contents. Housing market intelligence you can count on

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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 Montréal 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: Highlights Table of Contents August Montréal metropolitan area housing starts in July 2013 The upward trend observed in July reflects a growth in new housing starts compared to previous months Still, the trend remained lower than that observed in 2012 Actual data show that, since the beginning of 2013, housing starts are experiencing a decrease in all market segments compared to Map - Montréal CMA 5 Report Tables 27 Methodology 27 Definitions Figure 1 Housing StartsTrend Line, 6-Month Moving Average Montréal CMA Housing Starts 35,000 30,000 25,000 Housing starts 20,000 15,000 10,000 5,000 0 July 2011 July 2012 July 2013 Housing Starts, SAAR* *SAAR 1 : Seasonally Adjusted Annual Rate Trend Line, 6-Month Moving Average 1 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace were maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels. 16,467 14,953 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 Montréal metropolitan area housing starts in July 2013 Housing starts in the Montréal census metropolitan area (CMA) were trending at 14,953 units in July, compared to 13,889 in June, 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. The upward trend in July reflected the growth in housing starts in recent months, following the low point recorded at the beginning of Still, the trend remained lower than that observed in 2012 as a result of weak economic activity and more balanced conditions on the resale market. The stand-alone monthly SAAR was 16,467 units in July, up from 15,607 in June. According to actual data, 1,391 dwellings were started in the Montréal CMA in July 2013, compared to 2,027 during the same month in This represented an overall decrease of 31 per cent in July for the CMA. The slowdown in housing starts was observed in all market segments, with decreases of 46 per cent in the case of homeowner housing, 45 per cent for rental dwellings 2 and 25 per cent for condominiums. The decline registered in July was in line with the downward trend in starts observed in the Montréal CMA since the beginning of the year. In the different geographic sectors of the CMA, the results revealed that, in July, housing starts fell on the Island of Montréal (-43 per cent), in Vaudreuil- Soulanges (-74 per cent) and in Laval (-66 per cent). The decreases in these sectors resulted from slowdowns in all segments of the new home market. In the North Shore sector, however, housing starts recorded an increase (+11 per cent), thanks to gains in the condominium and rental housing segments, while, on the South Shore, activity remained stable. For the first seven months of the year, total starts in the entre CMA revealed a decrease of 27 per cent. Housing starts declined significantly in all market segments: homeowner (-32 per cent), condominium (-24 per cent) and rental (-32 per cent). 2 In this report, the data presented on the rental segment exclude co-operative housing starts. Beacons to guide you CMHC HOUSING OUTLOOK CONFERENCES Québec November :45 a.m. to 11:30 a.m. Capitole de Québec Montréal November :45 a.m to 11:30 a.m. Palais des congrès de Montréal For more information or to register: or Housing market intelligence you can count on 2

3 0 2 N A JE 4 WY 8 12 Km R EH U LA 0 Y4 HW Y AG 14 S DE HW S DE TI EN S LE L VA LA W VD BL ST LA U 17 BL VD NT RE HW Y HW Y ES T R IE OKE UR LA RBR O SHE HW Y A GE NL ES JEA 18 Y HW NO RD RI VE DE LA Y2 HWY HW HW Y Montréal CMA Total Number of Starts January - July starts starts starts Legend N Housing Now - Montreal CMA - Date Released - August

4 ZONE DESCRIPTIONS - MONTRÉAL CMA Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6 Zone 7 Zone 8 Zone 9 Zone 10 Zone 11 Zone 12 Zone 13 Zone 14 Zone 15 Zone 16 Zone 17 Zone 18 Zone 19 Zone 20 Zone 21 Zone 22 Zone 23 Zone 24 Zone 25 Zone 26 Zone 27 Downtown Montréal (bordered on the east by Amherst Street, on the west by Guy Street and on the north by Chemin Remembrance and Des Pins Avenue), Île-des-Soeurs. Dorval, L'Île-Dorval, Montréal (Lachine, LaSalle, Le Sud-Ouest, Verdun). Côte-Saint-Luc, Hampstead, Montréal (Côte-des-Neiges, Notre-Dame-de-Grâce, Outremont), Montréal-Ouest, Mont-Royal, Westmount. Montréal (Parc-Extension, Plateau Mont-Royal, Rosemont (including La Petite-Patrie), Saint-Michel, Villeray). Montréal (Mercier, Hochelaga-Maisonneuve, Centre-Sud). Montréal (Anjou, Saint-Léonard). Montréal (Ahuntsic, Cartierville, Montréal-Nord). Montréal (Saint-Laurent). Beaconsfield, Baie-d'Urfé, Dollard-des-Ormeaux, Kirkland, Pointe-Claire, Sainte-Anne-de-Bellevue, Senneville, Montréal (L'Île- Bizard, Pierrefonds, Roxboro, Sainte-Geneviève). Montréal-Est, Montréal (Pointe-aux-Trembles, Rivière-des-Prairies). Laval (Chomedey, Sainte-Dorothée, Laval-sur-le-Lac). Laval (Auteuil, Duvernay, Laval-des-Rapides, Pont-Viau, Saint-François, Saint-Vincent-de-Paul, Vimont). Laval (Fabreville, Laval-Ouest, Sainte-Rose). MRC Deux-Montagnes (Deux-Montagnes, Oka, Pointe-Calumet, Saint-Eustache, Saint-Joseph-du-Lac, Sainte-Marthe-sur-le-Lac). Mirabel, Saint-Placide MRC Thérèse-de-Blainville (Blainville, Boisbriand, Bois-des-Filion, Lorraine, Rosemère, Sainte-Anne-des-Plaines, Sainte-Thérèse). MRC Les Moulins (Terrebonne, Mascouche). Charlemagne, Lavaltrie, L'Assomption, Repentigny, Saint-Sulpice, L'Épiphanie Gore, Saint-Colomban, Saint-Jérôme. Longueuil. Boucherville, Saint-Amable, Sainte-Julie, Varennes, Verchères Beloeil, McMasterville, Mont-Saint-Hilaire, Otterburn Park, Saint-Basile-le-Grand, Saint-Bruno-de-Montarville, Saint-Mathieu-de- Beloeil. Carignan, Chambly, Richelieu, Saint-Mathias-sur-Richelieu. Brossard, La Prairie, Saint-Lambert. Candiac, Delson, Saint-Constant, Saint-Mathieu, Saint-Philippe, Sainte-Catherine. Beauharnois, Châteauguay, Léry, Mercier, Saint-Isidore. Hudson, Les Cèdres, L'Île-Cadieux, L'Île-Perrot, Notre-Dame-de-L'Île-Perrot, Pincourt, Pointe-des-Cascades, Saint-Lazare, Terrasse-Vaudreuil, Vaudreuil-Dorion, Vaudreuil-sur-le-Lac, Saint-Zotique, Coteau-du-Lac M, Les Coteaux M 4

5 HOUSING NOW REPORT TABLES Available in ALL reports: 1 Housing Starts (SAAR and Trend) 1.1 Housing Activity Summary of CMA 2 Starts by Submarket and by Dwelling Type Current Month or Quarter 2.1 Starts by Submarket and by Dwelling Type Year-to-Date 3 Completions by Submarket and by Dwelling Type Current Month or Quarter 3.1 Completions by Submarket 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: 1.2 Housing Activity Summary by Submarket 1.3 History of Housing Activity (once a year) 2.2 Starts by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 2.3 Starts by Submarket, by Dwelling Type and by Intended Market Year-to-Date 2.4 Starts by Submarket and by Intended Market Current Month or Quarter 2.5 Starts by Submarket and by Intended Market Year-to-Date 3.2 Completions by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 3.3 Completions by Submarket, by Dwelling Type and by Intended Market Year-to-Date 3.4 Completions by Submarket and by Intended Market Current Month or Quarter 3.5 Completions by Submarket 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 5

6 Table 1: Housing Starts (SAAR and Trend) July 2013 Montreal CMA 1 June 2013 July 2013 Trend 2 13,889 14,953 SAAR 15,607 16,467 July 2012 July 2013 Actual July - Single-Detached July - Multiples 1,658 1,173 July - Total 2,027 1,391 January to July - Single-Detached 2,414 1,769 January to July - Multiples 9,168 6,639 January to July - Total 11,582 8,408 Source: CMHC 1 Census Metropolitan Area 2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) Detailed data available upon request 6

7 Table 1.1: Housing Activity Summary of Montréal CMA July 2013 Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS July ,391 July , ,027 % Change n/a n/a Year-to-date , , ,408 Year-to-date , , ,125 11,582 % Change n/a UNDER CONSTRUCTION July , , ,822 17,776 July , , ,918 18,431 % Change n/a n/a COMPLETIONS July , ,785 July , ,700 % Change n/a n/a Year-to-date , , ,363 Year-to-date , , ,105 10,686 % Change n/a n/a COMPLETED & NOT ABSORBED July ,006 n/a n/a 2,740 July ,497 n/a n/a 2,215 % Change n/a n/a n/a 23.7 ABSORBED July n/a n/a 1,532 July n/a n/a 2,627 % Change n/a n/a n/a Year-to-date , ,074 n/a n/a 7,956 Year-to-date , ,637 n/a n/a 9,695 % Change n/a n/a n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 7

8 Table 1.2: Housing Activity Summary by Submarket July 2013 Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Île de Montréal July July ,095 Laval July July Rive-Nord July July Rive-Sud July July Vaudreuil-Soulanges July July Montréal CMA July ,391 July , ,027 UNDER CONSTRUCTION Île de Montréal July , ,340 July , ,089 Laval July , ,604 July , ,928 Rive-Nord July , ,897 July , ,297 Rive-Sud July , ,365 July , ,380 Vaudreuil-Soulanges July July Montréal CMA July , , ,822 17,776 July , , ,918 18,431 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 8

9 Table 1.2: Housing Activity Summary by Submarket July 2013 Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row COMPLETIONS Île de Montréal July July Laval July July Rive-Nord July July Rive-Sud July July Vaudreuil-Soulanges July July Montréal CMA July , ,785 July , ,700 COMPLETED & NOT ABSORBED Île de Montréal July n/a n/a 777 July n/a n/a 468 Laval July n/a n/a 471 July n/a n/a 290 Rive-Nord July n/a n/a 539 July n/a n/a 596 Rive-Sud July n/a n/a 779 July n/a n/a 741 Vaudreuil-Soulanges July n/a n/a 174 July n/a n/a 120 Montréal CMA July ,006 n/a n/a 2,740 July ,497 n/a n/a 2,215 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 9

10 Table 1.2: Housing Activity Summary by Submarket July 2013 Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row ABSORBED Île de Montréal July n/a n/a 478 July n/a n/a 847 Laval July n/a n/a 70 July n/a n/a 164 Rive-Nord July n/a n/a 381 July n/a n/a 554 Rive-Sud July n/a n/a 524 July n/a n/a 928 Vaudreuil-Soulanges July n/a n/a 79 July n/a n/a 134 Montréal CMA July n/a n/a 1,532 July ,658 n/a n/a 2,627 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 10

11 Table 2: Starts by Submarket and by Dwelling Type July 2013 Single Semi Row Apt. & Other Total Submarket % July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 Change Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA ,078 1,452 1,391 2, Source: CMHC (Starts and Completions Survey) 11

12 Submarket Table 2.1: Starts by Submarket and by Dwelling Type January - July Single Semi Row Apt. & Other Total % Change Zone , , Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA 1,769 2, ,871 7,964 8,408 11, Source: CMHC (Starts and Completions Survey) 12

13 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by Intended Market July 2013 Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA , Source: CMHC (Starts and Completions Survey) 13

14 Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - July 2013 Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Zone , Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA ,063 6, ,125 Source: CMHC (Starts and Completions Survey) 14

15 Submarket Table 2.4: Starts by Submarket and by Intended Market July 2013 Freehold Condominium Rental Total* July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA , ,391 2,027 Source: CMHC (Starts and Completions Survey) 15

16 Submarket Table 2.5: Starts by Submarket and by Intended Market January - July 2013 Freehold Condominium Rental Total* Zone , ,619 Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA 2,566 3,786 5,034 6, ,125 8,408 11,582 Source: CMHC (Starts and Completions Survey) 16

17 Table 3: Completions by Submarket and by Dwelling Type July 2013 Single Semi Row Apt. & Other Total Submarket % July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 Change Zone Zone Zone Zone Zone Zone ** Zone ** Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA ,193 1,881 1,785 2, Source: CMHC (Starts and Completions Survey) 17

18 Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - July Single Semi Row Apt. & Other Total % Change Zone Zone Zone Zone Zone ** Zone ** Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA 1,955 2, ,532 7,112 9,363 10, Source: CMHC (Starts and Completions Survey) 18

19 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market July 2013 Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA ,028 1, Source: CMHC (Starts and Completions Survey) 19

20 Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - July 2013 Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA ,408 5, ,105 Source: CMHC (Starts and Completions Survey) 20

21 Submarket Table 3.4: Completions by Submarket and by Intended Market July 2013 Freehold Condominium Rental Total* July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 July 2013 July 2012 Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA ,026 1, ,785 2,700 Source: CMHC (Starts and Completions Survey) 21

22 Submarket Table 3.5: Completions by Submarket and by Intended Market January - July 2013 Freehold Condominium Rental Total* Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Zone Montréal CMA 2,873 3,765 5,366 5, ,105 9,363 10,686 Source: CMHC (Starts and Completions Survey) 22

23 Submarket Table 4: Absorbed Single-Detached Units by Price Range July 2013 Price Ranges < $200,000 Units Share (%) $200,000 - $299,999 Share Units (%) $300,000 - $399,999 Share Units (%) $400,000 - $499,999 Share Units (%) $500,000 + Median Average Total Price ($) Price ($) Share Units (%) Island of Montréal July , ,041 July , ,669 Year-to-date , ,498 Year-to-date , ,359 Laval July , ,006 July , ,340 Year-to-date , ,219 Year-to-date , ,931 North Shore July , ,191 July , ,207 Year-to-date , ,014 Year-to-date , ,387 South Shore July , ,652 July , ,737 Year-to-date , ,053 Year-to-date , ,235 Vaudreuil-Soulanges July , ,437 July , ,495 Year-to-date , ,559 Year-to-date , ,734 Montréal CMA July , ,791 July , ,433 Year-to-date , , ,494 Year-to-date , , ,916 Source: CMHC (Market Absorption Survey) 23

24 Table 4.1: Average Price ($) of Absorbed Single-detached Units July 2013 Submarket July 2013 July 2012 % Change % Change Zone n/a n/a Zone n/a n/a Zone n/a n/a Zone n/a n/a Zone n/a n/a Zone n/a n/a Zone n/a n/a Zone n/a ,441 n/a Zone n/a 687, , Zone n/a 440, , Zone ,120 n/a 615, , Zone n/a 462, , Zone ,920 n/a 434, , Zone ,189 n/a 347, , Zone , , , , Zone , , , , Zone , , , , Zone , , , , Zone , , , , Zone , , , , Zone ,962 n/a 469, , Zone , , , , Zone ,323 n/a 359, , Zone , , , , Zone , , , , Zone , , , , Zone , , , , Montréal CMA 408, , , , Source: CMHC (Market Absorption Survey) 24

25 Table 5: Centris Residential Activity 1 for Montreal 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* Q ,190 10,606 16, , , Q ,911 10,522 14, , , % Change n/a 1.8 n/a ,116 24,051 16, , n/a n/a ,109 24,885 15, , n/a n/a % Change n/a n/a n/a CONDOMINIUMS* Q ,708 7,224 12, , , Q ,115 6,926 9, , , % Change n/a 1.1 n/a ,788 15,844 12, , n/a n/a ,936 15,225 9, , n/a n/a % Change n/a n/a n/a PLEX* Q ,156 1,857 2, , , Q ,275 1,898 2, , , % Change n/a 3.5 n/a ,025 4,061 2, , n/a n/a ,416 4,205 2, , n/a n/a % Change n/a n/a n/a TOTAL Q ,066 19,727 31, , , Q ,313 19,382 27, , , % Change n/a 1.9 n/a ,948 44,020 31, , n/a n/a ,477 44,394 27, , n/a n/a % Change n/a n/a n/a 1 Source: QFREB by the Centris system The Centris system contains all the listings of Québec real estate brokers. 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 Centris for the definitions. ** Observed change greater than 100%. 25

26 Table 6: Economic Indicators July 2013 Interest Rates NHPI, Montréal Labour Market Total, CPI, Mortgage Rates P & I Montréal 2002 Average (%) Employment Unemployment Participation Per CMA =100 Weekly 1 Yr. 5 Yr. SA (,000) Rate (%) SA Rate (%) SA $100, =100 Earnings ($) Term Term 2012 January , February , March , April , May , June , July , August , September , October , November , December , January , February , March , April , May , June , July , August September October November December "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) 26

27 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 2011 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 modeled 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. 27

28 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. Condominium (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. Rental: 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. 28

29 CMHC Home to Canadians (CMHC) has been Canada's national housing agency for more than 65 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 housing solutions that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at or follow us on Twitter, YouTube and Flickr. 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 chic@cmhc.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. 29

30 Housing market intelligence you can count on FREE REPORTS AVAILABLE ON-LINE Canadian Housing Statistics Housing Information Monthly Housing Market Outlook, Canada Housing Market Outlook, Highlight Reports Canada and Regional Housing Market Outlook, Major Centres Housing Market Tables: Selected South Central Ontario Centres Housing Now, Canada Housing Now, Major Centres Housing Now, Regional Monthly Housing Statistics Northern Housing Outlook Report Preliminary Housing Start Data Rental Market Provincial Highlight Reports Rental Market Reports, Major Centres Rental Market Statistics Residential Construction Digest, Prairie Centres Seniors Housing Reports 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. Download CMHC s 2013 Mortgage Consumer Survey! Get a unique perspective on attitudes and behaviours of recent mortgage consumers. Find out just how easy it is to leverage the survey findings. Identify opportunities and build stronger relationships with your clients. Download it today at