August Housing Starts Up in Thunder Bay
THUNDER BAY – REAL ESTATE – Housing starts in Thunder Bay Census Metropolitan Area (CMA) were trending at 162 units in August, up from 145 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) of housing starts.
“The latest data shows that housing starts activity trended up slightly due to higher-than-average apartment starts. Meanwhile, flat employment conditions are the principal reason for an unremarkable year for housing starts thus far in Thunder Bay,” concluded Warren Philp, CMHC Market Analyst for the Thunder Bay CMA.
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 247 units in August up from 182 units in July due mainly to stronger apartment starts.
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables