Real Estate — January 9, 20132012 Housing Starts in Thunder Bay
THUNDER BAY, ONTARIO--(Marketwire - Jan. 9, 2013) - Housing starts in Thunder Bay, Census Metropolitan Area (CMA) were trending at 532 units in December, 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 324 units in December, down from 675 in November.
"An above-average 16 single-detached starts in December, plus two semi-detached units brought total starts to 380 in 2012, up slightly from 374 in 2011. Single-detached starts topped 200 units for only the third time in the last 17 years," said 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 multiples segment includes apartments, rows and semi-detached homes.
Fourth quarter starts were vital to giving 2012 a strong conclusion. All 118 condominium apartment starts, the highest number of condo starts since 1991 occurred in the fourth quarter bringing total multi-family starts to 153 on the year, still off from 2011, but nonetheless well above the 30-year average for this type of starts.
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
Follow CMHC on Twitter @CMHC_ca.
1 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
Additional data is available upon request.
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To view the tables and graph associated with this press release, please visit the following link: http://media3.marketwire.com/docs/a845559.pdf.
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