Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2014 08:15 ET

August 2014 Housing Starts in Thunder Bay

THUNDER BAY, ONTARIO--(Marketwired - Sept. 9, 2014) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 182 units in August up slightly from 145 units in July according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.

"Weakening seasonally adjusted starts in Thunder Bay is a reflection of weaker employment levels and slightly increased resale listings. After a flurry of new apartment and condominium construction over the past three years, this market is pausing, partly to absorb the above-average number of condominium projects that are almost entirely still under construction in the local marketplace. Nonetheless with the late start to the construction season, the fall should still see at least an average pace of new construction," commented Warren Philp, CMHC's Market Analyst for Thunder Bay.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 229 units in August down from 275 in July.

Preliminary Housing Starts data is also available in English and French at the following link:
Preliminary Housing Starts Tables

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Follow CMHC on Twitter @CMHC_ca

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 was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

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A table and a graph are available at the following address: http://media3.marketwire.com/docs/966908a.pdf

Contact Information

  • Market Analysis Contact:
    Warren Philp
    807-343-2016
    Cell: 807-627-1329
    wphilp@cmhc.ca

    Media Contact:
    Beth Bailey,Consultant, Communications and Marketing
    416-218-3355
    bbailey@cmhc.ca