Thunder Bay Resale Price Growth Above Average

Real Estate — June 14, 2012

THUNDER BAY, ONTARIO--(Marketwire - June 14, 2012) - 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 nine per cent in 2012 as listings shortages prolong seller's market conditions. Resale volumes are forecast to fall one per cent in 2012 more due to supply weakness than demand softening.

"Despite strong price appreciation and strengthening employment, listings shortages will continue in the resale market with only slight relief in sight," observed Warren Philp, CMHC Northern Ontario Market Analyst. "Nevertheless, apartment condominium units will offer some new supply and will be the dominant form of higher density housing this year and next," added Philp.

Single-detached housing starts will rise four per cent in 2012 while starts of semi-detached, row and apartment starts will not keep pace with last year's unusually high totals. Total starts are forecast to decrease by five per cent in 2012

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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Contact Information

National Media Contact:
Kate Munroe
613-748-4618
kmunroe@cmhc.ca

Market Analysis Contact:
Warren Philp, Northern Ontario Market Analyst
807-343-2016
wphilp@cmhc.ca