Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 18, 2010 08:15 ET

Thunder Bay Housing Market to Moderate in 2011

THUNDER BAY, ONTARIO--(Marketwire - Nov. 18, 2010) - 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.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.

Aussi disponible en français

CMHC's national web-site is located at www.cmhc.ca.

Contact Information

  • For additional information please contact/Pour obtenir de
    plus amples renseignements, veuillez communiquer avec :
    Thunder Bay
    Warren Philp
    (807) 343-2016
    wphilp@cmhc.ca
    or
    En francais:
    Sandra Perez-Torres
    (613) 748-5120
    sperezto@schl.ca
    or
    Ontario:
    Ted Tsiakopoulos
    (416) 218-3407
    ttsiakop@cmhc.ca
    or
    Canada:
    Charles Sauriol
    (613) 748-2799
    csauriol@cmhc.ca