Thunder Bay Hot Housing Market
THUNDER BAY – Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 367 units in August up from 318 units in July 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.
“Another good month for single-detached construction activity in August supported the improving Thunder Bay home-building trend. Similarly, row and apartment starts are performing well this year boosting year-to-date activity in 2013. CMHC’s forecast similar starts levels this year compared to 2012,” stated 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 standalone monthly SAAR was 303 units in August, up from 254 units in July.