Strong Housing Market in 2010 Expected to Level Off in 2011


graphicTHUNDER BAY – After a relatively strong year in 2010, new home activity in Thunder Bay will moderate in 2011, with single-detached starts falling 7.5 per cent according to Canada Mortgage and Housing Corporation. CMHC released this information today in its Fall Housing Market Outlook report for Thunder Bay.

Reports are also available for other major metropolitan areas across the country.

Highlights of the report include:

  • Sales trended up strongly in early 2010 but have since flattened out. After a weaker 2009, existing home sales in Thunder Bay will conclude the year up slightly before falling next year as sales move back in step with demographic requirements.
  • Average MLS® price will grow this year. This will precede a deceleration in the market next year as demand slows. Prices will follow suit to increase moderately in 2011.
  • Mimicking provincial behavior, single-detached housing starts will rise in 2010 before falling next year.
  • Thunder Bay’s total employment will increase modestly in 2010 and 2011.

“Strong early year activity has given way to moderating resale activity lately which will continue into 2011. Home starts will top 2009 this year only to subside next year,” stated Warren Philp, CMHC Northern Ontario Market Analyst.

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