Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2015 08:15 ET

August 2015 Housing Starts in Thunder Bay

THUNDER BAY, ONTARIO--(Marketwired - Sept. 9, 2015) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 225 units in August, up from 178 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.

"The momentum of the past several months continued to push up the starts trend in August. However, continued weakness in employment and the trend to a cooler resale housing market will limit further growth in the housing starts trend," said Warren Philp, CMHC Market Analyst for the Thunder Bay CMA.

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 290 units in August down from 413 units in July. This decline in the monthly SAAR occurred since there were no apartment starts this month after a relatively high number in July.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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.

(Ce document existe également en français)

A table and a graph are available at the following address: http://media3.marketwire.com/docs/1024310e.pdf

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