Thunder Bay’s housing starts have dropped by half from last year but Northern Ontario’s Market Analyst says it’s nothing to be worried about.
Canadian Mortgage and Housing Corporation released data that showed Thunder Bay has only built four single-detached homes in the first quarter this year, which is half the amount built at this time in 2011. The city normally averages around eight units in the first three months.
Northern Ontario Market Analyst Warren Philp said the season is just starting and there’s nothing to be worried about.
“We are off around this time of year but it is not uncommon for housing activity in those first three months to be quiet light,” Philp said. “I don’t think it’s anything to get alarmed about.”
The slower start was partially because of the colder weather found in Northern Ontario, he said.
Philp said April, May and June are the important months for residential housing. With new construction happening throughout the year, he said it will give a lot of people some needed opportunities.
Thunder Bay’s resale market has few listings but that means there will be a spillover effect into new construction projects, he said.
