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2014-01-09 at 15:45

Housing starts down in 2013, but still a good year: CMHC

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By tbnewswatch.com

The Canada Mortgage and Housing Corporation has released its year-end statistics for local home construction.

The CMHC says there were nine new single-family home starts in Thunder Bay during the month of December. That's down from 16 during the same month in 2012. 

But CMHC Market Analyst Warren Philp points out that 2012 was a boom year, and 2013 wasn't too bad in comparison. 

The number of single-detached homes dipped from 227 to 193 last year.  And the number of multi-unit residences also fell, from 153 down to 131. 

That means the total new homes dropped from 380 in 2012, down to 324.  But compared to the 30-year average, Philp says 2013 was not a bad year.

Philp adds that  local employment levels are trending one-and-a-half percent higher than 2012 according to Statistics Canada, which bodes well for housing starts in 2014.

 

(Thunder Bay Television)

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Comments

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YeahBuddy says:
Another reason why its down is the Building Office's lack of enough employees to process a building permit in a reasonable time.
It can take more than a few months to get a permit in this town for a residential project. The city is known for delaying projects so that they can find someone on there staff to review the drawings. If you're a developer looking to build in the fall and you don't get your building permit until January...that would really decrease the number of new constructions for the year...ITS THE TRUTH!...no matter what a nay sayer might comment on this site.
1/10/2014 9:21:02 AM
progress now says:
It will be interesting to see who fills up the waterfront condos and if that will free up single family dwellings. Presumably Mr. Habib's promised and very late Collegiate condos would have been built if there was a market.

Also, wonder how long it takes to sell a new build. There was a time we built 1500 in a year and they were sold before you could pour the basement - but the 60's were pretty spectacular.
1/10/2014 7:03:25 PM
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