Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2013 08:15 ET

October 2013 Housing Starts in Thunder Bay

THUNDER BAY, ONTARIO--(Marketwired - Nov. 8, 2013) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 457 units in October up from 445 units in September 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.

"Despite the positive trend, a quieter month for construction of single-detached housing in October slowed total housing starts in Thunder Bay. The 15 singles starts were behind the 10-year average for the month while multi-family starts are still performing well above historic levels for the first ten months of the year. CMHC's forecast is for slightly less starts levels this year compared to 2012," stated Sandra Perez-Torres, CMHC's Senior Market Analyst for Eastern and Northern Ontario.

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 211 units in October, down from 846 units in September.

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.

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)

A table and a graph are available at the following address: http://media3.marketwire.com/docs/910124a.pdf

Contact Information

  • Market Analysis Contact:
    Sandra Perez-Torres
    613-748-5120
    Cell: 613-552-0798
    wphilp@cmhc.ca

    Media Contact:
    Beth Bailey,Consultant, Communications and Marketing
    416-218-3355
    Cell: 416-988-4615
    bbailey@cmhc.ca