THUNDER BAY, ONTARIO--(Marketwired - Jan. 10, 2017) - The housing starts trend in the Thunder Bay Census Metropolitan Area (CMA) was slightly lower at 188 units in December compared to 211 units in November 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 small decrease in total housing starts trend in December was due to slightly lower singles and multiples starts trends," said Warren Philp, CMHC Market Analyst for the Thunder Bay CMA. "Actual total housing starts for the year reached 183 units, down 24.4 per cent compared to the same period in 2015, as demographic and economic fundamentals have not improved over this period."
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 of total housing starts was 146 units in December, down from 164 units in November, as stronger multiples starts were more than offset by weaker single-detached starts.
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.
For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.
Additional data is available upon request.
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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1082244e.pdf