Residential construction sites slow down, but remain numerous
The year 2022 is off to a good start for residential housing starts, despite an overall decline in January. The positive report of the Association of Construction and Housing Professionals of Quebec (APCHQ) is based on recent provincial data compiled by the Canada Mortgage and Housing Corporation.
“This decline was predictable given that a year earlier, housing starts had shattered all records for the month of January. Adjusted for seasonal effects, January 2021 was even the best month in history for residential construction in Quebec. Last month's performance nevertheless puts January 2022 in second place for at least three decades,” observes Paul Cardinal, director of the APCHQ's economic department.
Coup d&rsquo ;look at data compiled in Quebec in January 2022.
Highlights for construction
- The 3,662 housing starts represent a decrease of 19% compared to January 2021, and a second consecutive monthly decrease.
- The foundations of 378 single-family homes have been poured in Quebec, which represents a decrease of 36%. The 3,284 collective housing units started reflect a 16% drop for this type of housing.
- Geographically, three of the six metropolitan areas experienced increases, namely Sherbrooke (157 units +43%), Gatineau (281 units +33%) and Saguenay (62 units +15%). Decreases occurred in Quebec City (602 units -40%), Montreal (2005 units -21%) and Trois-Rivières (31 units -20%).
Slight increase in resales
According to statistics published by the Canadian Real Estate Association (CREA), residential resales transactions remained at an all-time high in January 2022. A reality, despite record lows for new listings.
Recorded transactions in the country increased slightly by 1% from December 2021 to January 2022. Rather stable for four months, the market is holding between the highs of last spring and the rather modest results of last summer.
The number of actual transactions fell by 10.7% compared to the record for a month of January (established in 2021). The month of January 2022 is still in second position, like the second half of 2021.