Tbnewswatch Local News
2014-05-22 at 8:43AM

On the rise

By Leith Dunick, tbnewswatch.com

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.

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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