THUNDER BAY, ONTARIO--(Marketwire - Dec. 10, 2012) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 521 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)1 of housing starts. The standalone monthly SAAR was 674 units in November, down from 1,240 in October.
"Another 30 condominium apartment starts in November, combined with an above average 28 single-detached starts brought total starts in the year-to-date almost even with 2011. Single-detached starts have now risen over 200 units, only the third time in the last 17 years," 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.
Condominium unit starts this year have reached 118 units, the highest number of condo starts since 1991 when there were 204 units started. Year-to-date total starts have reached 362 units, only four units behind last year, with over 40 per cent of those units being semi-detached, row and or apartment units.
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.
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.
To view figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/CMHCEimg.pdf.
Additional data is available upon request.
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