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April 2016 Housing Starts in Thunder Bay

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THUNDER BAY, ONTARIO--(Marketwired - May 9, 2016) - Housing starts in Thunder Bay Census Metropolitan Area (CMA) were trending at 150 units in CMHC April, down from 200 units in March 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 trend's downward movement in April marks the fifth month that the trend has moved down after a solid run-up that had begun in April of 2015. The decline can be attributed primarily to weaker multiple-unit housing starts, which include semi-detached homes, townhouses and apartments. Flat employment and a resale market moving into balance caused starts to slow in the last few months," 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 4 units in April down from 18 units in March due to weak single-detached and multiple-unit housing starts.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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