July Housing Starts Down Overall Trend Still Up in Thunder Bay

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THUNDER BAY – Total preliminary housing starts in Thunder Bay for July fell short of July 2009 according to data released today by Canada Mortgage and Housing Corporation (CMHC).

Starts totaled 32 units in July, down marginally from 37 starts in July of 2009. For the month of July most single family home starts were found in Neebing ward and Red River ward.

“However, year-to date total starts are ten percent above last year’s numbers.

Responsible for the aforementioned increase were single-detached home starts, which posted an almost 19 per cent increase for the first 7 months of the year when compared with last year”, stated Warren Philp, Northern Ontario Market Analyst with CMHC.

“For the year, total starts are ten per cent higher above last year’s totals,” concluded

Philp.

The Thunder Bay figures mirror the national figures.

The seasonally adjusted annual rate1 of housing starts was 189,200 units in July, according to Canada Mortgage and Housing Corporation (CMHC). The seasonally adjusted annual rate estimate of housing starts activity was revised up in June from 189,300 units to 192,300  units2. This results in a month-over-month decrease of 1.6 per cent in July.

“Housing starts moved lower in July, largely due to a decrease in urban single starts and a reduction in rural starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Multiple starts partially offset this moderation.”

The seasonally adjusted annual rate of urban starts increased by 1.9 per cent to 169,300 units in July. Urban multiple starts increased by 13.4 per cent to 101,400 units, while single urban starts moved lower by 11.3 per cent to 67,900 units.

July’s seasonally adjusted annual rate of urban starts decreased 14.8 per cent in British Columbia, 2.6 per cent in Ontario, and 0.4 per cent in Quebec. Urban starts increased 37.7 per cent in the Atlantic Region and 14.4 per cent in the Prairie Region.

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