Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

March 08, 2013 08:15 ET

February 2013 Housing Starts in Thunder Bay

THUNDER BAY, ONTARIO--(Marketwire - March 8, 2013) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 456 units in February, 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.

"Home building, slowed in February after experiencing elevated levels of activity in the fourth quarter of 2012, especially multi-family starts. Housing construction in 2013 is expected to be on par with 2012 with a balance of single-detached and multi-family housing starts," said 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 multiples segment includes apartments, rows and semi-detached homes.

The standalone monthly SAAR was nine units in February, down from 247 in January.

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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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)

Preliminary Housing Start Data
February / 2012-2013
Thunder Bay, CMA1 February 2012 February 2013
Actual
February - Single-Detached 0 0
February - Multiples 0 0
February - Total 0 0
January - February Single-Detached 3 4
January - February Multiples 0 0
January - February Total 3 4
January 2012 February 2013
SAAR2
Total 247 9
Source: CMHC
1 Census Metropolitan Area
2 Seasonally Adjusted at Annual Rates
Detailed data available upon request.

A graph is available at the following address: http://media3.marketwire.com/docs/CMA0308.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
    Cell: 416-988-4615
    bbailey@cmhc.ca