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2013-01-09 at 11:47

Big 2012 for housing construction shows no sign of slowing in 2013: CMHC

By tbnewswatch.com
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THUNDER BAY -- This area has finished its second consecutive strong year for housing starts.

Statistics from the Canadian Mortgage and Housing Corporation shows there were 380 housing starts recorded in the Thunder Bay area in 2012.

CMHC Market analyst Warren Philp says single-detached dwellings were particularly strong this past year.

"Single-detached starts up from 188 last year represents only the third time in the last 18 years that starts have topped 200 units," Philp said during an interview with CKPR Radio Wednesday.

A total of 227 single-detached starts were recorded in 2012, which Philp says is the strongest year since 2004 when 241 starts were recorded.

Philp added that he sees no signs that would indicate that the market will slow down in 2013.

"We still have this tight supply situation," he said. "One could say that the market could have been stronger in terms of sales if we would have had more product.

"So, I don't see that tight situation really changing drastically in 2013."

 

(CKPR Radio)

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Comments

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fan says:
"THUNDER BAY -- This area has finished its second consecutive strong year for housing starts."
So why did Confederation College scrap its architectural program - the program that prepares graduates to work in the CONSTRUCTION industry!!!
1/9/2013 12:36:30 PM
TBDR says:
easy... provincial funding cuts and low enrollment. Architectual services are one of the most understaffed sectors in Canada.
1/9/2013 4:43:31 PM
tnsaf says:
TBDR, your comment is saturated with inaccuracies. In fact, you're wrong - but, why would anyone confuse you with the facts when uninformed opinion works so well for you.
1/9/2013 7:50:11 PM
tsb says:
The houses being built are mass-produced designs. They're not made by local architects. Very few houses being build anywhere in Northern Ontario are local designs.

For example when I was in Winnipeg recently I found a house with the same floorplan as the one I grew up in! It was kind of weird. For all I know that house might have been designed in the US back in the 70s. Probably tonnes of them.
1/10/2013 2:54:52 PM
Papercut says:
Thunder Bay always lags behind the Big Centers....and guess what is happening there: Existing property sales have fallen 19.5% in Toronto and 31.1% in Vancouver. December was the 4th consecutive month that homes sales have fallen in Canada. Buble is starting to pop.
1/9/2013 3:22:36 PM
panzerIV says:
Big Centers have fallen because of overpriced homes and massive building. Toronto for example had the most condo's of any city in the world being built. It wasn't like 2 or 3 more it was like 40 more.

Massive building, home prices that were doubling or tripling inflation and an eager market were all the reason for the boom. With the governments changes to how people can get a mortgage it has made it much harder for first time home buyers to be able to get into the market. Hence the drop in prices, along with the market correcting the house prices.

Thunder Bay is different because house prices bottomed out in 2006-2007 and are still incredibly low. A sellers market, along with a small number of home building in the past has raised the value of home. The expected boom will require 6000 new homes of which only 450 have been built. The prices will continue to rise even if the boom isn't as big as they figure.
1/9/2013 5:59:47 PM
portland39 says:
It is evident that this city needs more architects. Hate to be negative but these houses being built look like half houses crammed on small lots ... not appealing at all. The city needs to enable new developers to set up new subdivisions. With the current monopoly of Thunder Bay's land development it is quite evident that quality of lots and houses is lacking.
1/9/2013 6:22:48 PM
tsb says:
Architects won't solve that issue. Developers are trying to get the most money out of their land. A street with fifteen 25 foot wide lots with giant "luxurious" houses (note: corners may have been cut) brings in more money for the developer who built them than a street with 10 37.5 foot lots; or a street with 7 50 foot lots and a foot path running between them. The lot's value is pretty low, it's the house they want to sell. They want as many of them as they can have.
1/10/2013 2:57:44 PM
eastender says:
Strong housing starts in T. Bay will continue for some time, several years, perhaps into 2020. The reason for this is that baby boomers are getting their inheritances, as the older generation bites the dust. Contractors, and realtors are getting paid cash for 450, 500 thousand dollar houses as 50 and 60 year olds are inheriting large summs of money. But the interesting thing will be, how long they will be able to pay those $10,000 tax bills, once the money is depleted from the cost of the houses and fancy vacations,and expensive cars. Thunder Bay is behind the rest of the country most of the time, but the bubble will burst eventually.
1/9/2013 6:50:13 PM
CM Punk says:
Great to see more and more houses going up.
The one thing that bugs me is that this city is too far spread out.
Which is part of the reason why transit, road maintenance costs so much.
If things were more closer then this city would come out better.
1/9/2013 7:22:17 PM
Hank says:
Papercut, you don't know what your talking about. Thunder Bay has never followed the boom and busts of the larger centres. There is a lot of people trying to get into the T.Bay market but there is no supply, this includes rental units. The vacancy rate is second lowest in Canada.
1/9/2013 7:30:16 PM
mrforreal says:
Fellow Thunder Bay citizens, I am a Landlord and I can attest to the housing shortage, I dont even like to post FOR LEASE ads if I do get a vancany.. because my phone wont stop ringing - its annoying. But at the same time, its never been this good where for 1) the current tenants dont want to move out as they will have a hard time finding a new place and it will cost at least 20-25% more 2) They pay their rent on time or early to look favourable in our eyes 3) they are taking care of their apartment to look favourable . Its just really gone bonkers from what landlording used to be. Tenants are even sharing units.. not to save on money so much.. but to get a roof over their heads. If one looks on the ICX (the commercial MLS) there is not one rental building for sale in Tbay.. Landlords are smart they know the truth and no landlord wants to sell their cash cow. Builders can't keep up now.. just wait til the workers and families of the mines come into the area..It'll be even more tight.
1/10/2013 11:13:46 AM
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