Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2014 08:15 ET

November 2014 Housing Starts in Thunder Bay

THUNDER BAY, ONTARIO--(Marketwired - Dec. 8, 2014) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 269 units in November up from 263 units in October 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.

"November's mild increase in housing starts' trend in Thunder Bay is a continuation of the improvement seen in new construction since May. Nonetheless, the number of year-over-year housing foundations poured is clearly lower than in 2013. This weakening, due to weaker multi-family starts, is reflected in the declining SAAR for the last two months," commented Warren Philp, CMHC Market Analyst.

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 194 units in November down from 318 in October.

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 advice 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.

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A table and a graph are available at the following address: http://media3.marketwire.com/docs/982923e.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
    bbailey@cmhc.ca