Thunder Bay Resale Market Favours Sellers

THUNDER BAY, ONTARIO--(Marketwired - June 25, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for Thunder Bay, despite slowing existing MLS® home sales, MLS® prices will rise 6.4 per cent in 2013 as listings shortages continue supporting seller's market conditions. Resale volumes are forecast to fall 5.3 per cent in 2013 more due to supply weakness than demand softening.

"Employment growth and accompanying in-migration will provide the underpinnings for sustained market appreciation and another above-average year for new single-family construction," noted Warren Philp, CMHC Market Analyst. "Another good year of higher density starts will also bolster housing starts numbers this year and next," added Philp.

Single-detached housing starts will rise 1.3 per cent in 2013 while starts of semi-detached, row and apartment starts will slip only slightly from lofty levels achieved in 2012.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.

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