THUNDER BAY – Business – January housing stats in Thunder Bay were slightly down. The local construction of new homes in January was down compared to December 2012. Winter weather slows the construction of new homes.
Housing Starts in Thunder Bay
Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 516 units in January, 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 252 units in January, down from 320 in December.
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, analyzing 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.
In Thunder Bay there is a growing market for new homes, and a very notable shortage of rental properties. The local market is also experiencing shortages of many skilled labour positions, although unemployment figures are up in the city.
