THUNDER BAY – Housing starts for the city are so far higher in 2016 than they were in 2015, but continue to lag behind the typical building season.
According to officials with Canada Mortgage and Housing Corporation there were 15 single-detached homes started in May.
That's one more than was reported in May 2015.
There were also eight multi-unit homes under construction, compared to four in 2015.
For the year-to-date, there have been just 29 total housing starts.
CMHC Market Analyst Warren Philp says housing starts have been trending lower for the five months before May, but have since begun to level off.
He adds that it's mainly due to weaker multi-unit housing construction, which includes semi-detached homes, townhouses and apartments.
He also says that Thunder's Bay's flat employment outlook and balanced conditions in the resale market are causing housing starts to slow in the early part of the year.
(TBT News)
