Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2013 08:15 ET

June 2013 Housing Starts in Thunder Bay

THUNDER BAY, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 315 units in June down from 318 units in May 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 dipped slightly in June, as starts of single-detached units were behind last year's pace in Thunder Bay. Meanwhile, row and apartment starts are performing well this year boosting year-to-date activity in 2013. CMHC's forecast is to see similar starts levels this year compared to 2012," stated 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 306 units in June, down from 831 units in May.

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.

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(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 graph and a table are available at the following address: http://media3.marketwire.com/docs/ctba0709.pdf.

Contact Information

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

    Media Contact:
    Angelina Ritacco, Consultant, Communications and Marketing
    416-218-3320
    Cell: 647-210-7420
    aritacco@cmhc.ca