Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 10, 2014 13:48 ET

October 2014 Housing Starts in Thunder Bay

THUNDER BAY, ONTARIO--(Marketwired - Nov. 10, 2014) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 265 units in October up from 245 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.

"October's strengthening trend in seasonally adjusted starts in Thunder Bay is a continuation of the improvement seen in new construction since May. This improvement late in the year is not uncommon but what is unusual is the trend's low October magnitude relative to last year. An unusually long winter, employment softening and growing resale listings at the high end explain some of the weakness this year compared to 2013. We are not looking for any marked improvement until next year's building season when economic conditions pick up," advised Sandra Perez, CMHC's Eastern and Northern Ontario Senior 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 325 units in October down from 408 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.

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A table and a graph are available at the following address:

Contact Information

  • Market Analysis Contact:
    Sandra Perez-Torres
    Cell: 613-552-0798

    Media Contact:
    Beth Bailey, Consultant, Communications and Marketing