Real Estate — November 9, 2012Seller's Market Persists in Thunder Bay
THUNDER BAY, ONTARIO--(Marketwire - Nov. 9, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook report for Thunder Bay, despite slowing existing MLS® home sales, MLS® prices will rise fourteen per cent in 2012 as listings shortages prolong seller's market conditions. Resale volumes are forecast to fall one per cent in 2012 and another one per cent next year more due to supply weakness than demand softening.
"A tight resale market will give rise to single-detached housing starts rising 6.4 per cent this year and another five per cent in 2012," observed Warren Philp, CMHC Northern Ontario Market Analyst. "Meanwhile 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 and be unchanged in 2013," added Philp.
Even with the 14 per cent rise in average MLS® prices in 2012, the average price of $193,000 in Thunder Bay will still be one of the lowest among centres over 100,000 west of the Ontario-Quebec border. Only Windsor will have a lower average price this year.
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.
Additional data is available upon request.
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