Housing Starts up 24.4% in Thunder Bay

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THUNDER BAY – Single-detached housing starts in Thunder Bay for August 2010 moved strongly ahead according to data released today by Canada Mortgage and Housing Corporation (CMHC). Starts totaled 35 units in August, up from twenty starts in August 2009. August starts were 11 units ahead of the 10 year average for the month of August. Single family home starts were almost evenly split between McIntyre, Neebing and Red River wards.

Thunder Bay is ahead of the rest of Canada where the seasonally adjusted annual rate of housing starts was 183,300 units in August. The seasonally adjusted annual rate estimate of housing starts activity was revised down in July from 189,200 units to 188,900 units. This results in a month-over-month decrease of 3.0 per cent in August.

“Housing starts moved lower in August, reflecting a decrease in both single and multiple starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.

The seasonally adjusted annual rate of urban starts decreased by 3.7 per cent to 162,800 units in August. Urban multiple starts moved lower by 3.7 per cent to 97,800 units, while single urban starts decreased by 3.6 per cent to 65,000 units.

In our city, “Year-to date total starts for the 2010 are now 24.4 percent above last year’s numbers as four more apartment units were added to the total for semi, row and apartment units for the Census Metropolitan Area. The 136 single-detached home starts for the first eight months of 2010 are nearly 30 per cent ahead of last year’s total to this point, which leaves the forecast for 2010 certainly within range”, stated Warren Philp, Northern Ontario Market Analyst with CMHC.

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