THUNDER BAY – The warm weather is impacting housing starts in Thunder Bay. According to preliminary data from the Canada Mortgage and Housing Corporation (CMHC), Thunder Bay’s eight single-detached starts in December were down from the 13 units built last December and below the 10-year average of 15 units for this month. Total starts for 2011 are 68 per cent higher than in 2010.
“Despite single-detached starts falling short of last year’s 204 units, the 188 single family homes started this year combined with 186 row, semi-detached and apartment starts brought the total to 374 units, their highest level since 1994,” said Warren Philp, CMHC’s Northern Ontario Market Analyst.
The 186 units of higher density housing started in 2011 compare to only 18 units in 2010. One apartment project and one condominium building comprised 166 of the 186 multiple units. The 374 total units started in 2011 are well above the 15-year average for total starts calculated as being 217 units.
The rental market in Thunder Bay remains very tight, with a vacancy rate of under two percent.