2014-05-22 at 08:43
On the rise
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House prices are expected to jump by 6.5 per cent in 2014 in Thunder Bay, according to projections provided by Canada Mortgage and Housing Corporation.
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Market analyst Warren Philp said Thursday the growth should continue into next year, when a 4.9 per cent increase in resale market prices is expected to occur.
“Stable employment, and continued net in-migration supports above-average price gains and another steady year for new single-family construction," Philp said in a release.
"Higher density starts will move lower in keeping with historical averages but still bolster total housing starts numbers in 2014 and 2015," added Philp.
Single-family housing starts are expected to be above average, with an estimate 255 this year and 290 in 2015. Multiple-unit starts, which were higher than average last year, are expected to fall to below 2013’s 131, but will still be higher than the 20-year average.
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