THUNDER BAY – So far, the city is keeping pace with last year's number of new homes being built, but the City of Thunder Bay's director of development services says the number is higher than reported by the Canada Mortgage and Housing Corporation.
“Based on the number of building permits I've issued, I believe that the number of new homes that will be constructed, you are exceeding the numbers that are released by CMHC at this point in time,” said Joel DePeuter.
According to a CMHC report, the total number of housing units built in 2023 and 2024 was 167 at the end of September.
DePeuter said by the end of September, he had issued 310 new building permits for homes.
“The number of building permits that are issued is the leading indicator," said DePeuter. "These are buildings that will be in the ground relatively shortly. So, for comparison, last year, the 300 building permits for units were issued. And by the end of the year, approximately 200 of those units had started construction. It has been and will continue to be a very busy year for construction."
Out of the 310 permits issued to date, 257 are multi-unit, 45 are single-detached, and eight are additional units in existing buildings.
“Thunder Bay has a very low vacancy rate, five times the lowest in Ontario. There's a strong demand for apartment units and condominium units that actually exceeds the supply currently. So right now, we are seeing that roughly, maybe, 75 to 80 per cent of the residential units that are being constructed are apartment units,” said DePeuter.
He pointed out the amount of multi-unit homes being built is providing residents with an affordable choice over single-detached dwellings. As the population ages, those still living in a single-detached dwelling can find a smaller home in a multiplex or apartment that fits their needs; therefore, freeing up single-detached homes for families.
“It's a good thing to provide more choices that perhaps come with lower costs and lower maintenance which would allow people to move through that housing continuum into their preferred lifestyle. And that would serve to free up single-family dwellings that are currently occupied,” DePeuter said.
