THUNDER BAY -- Housing starts are moving slowly so far this year.
According to the Canada Mortgage and Housing Corporation, the housing starts for this area in May were below the 10-year average. Only 13 single detached starts, and four multi-unit starts were recorded for May.
But permits have been picking up lately, which is a sign that the housing market could still have a fair bit of life this season.
“If we do hit the 10-year average for the remainder of the year, that would be positive but it will still bring us in behind what we saw last year,” CMHC analyst and spokesman Warren Philp said during an interview with CKPR Radio Monday.
“Keep in mind that the last few years have been above the 10-year average.”
Philp added that the slow May could be a sign that the market is starting to retreat to a normal pace after a busier than typical two years.