Thunder Bay Starts Decrease in August

THUNDER BAY, ONTARIO--(Marketwire - Sept. 9, 2011) - According to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC), activity in the residential construction sector decreased from 39 units in August 2010 to 26 units a year later. Nevertheless, annual starts are 7.4 per cent ahead from the first eight months of 2010.

"Although August home starts are below 2010 numbers, they are in line with the 10 year average for this time of the year," noted Warren Philp, CMHC's Northern Ontario Market Analyst. "An active resale market, characterized by tight supply conditions, is generating increasing interest in new construction in Thunder Bay, both in the form of single and multiple family starts."

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"The upcoming fall months should be vibrant since 171 permits were taken out in June. This will lead to more construction starts in the fall," concluded Philp.

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

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Our next Housing Starts press release will be September, 2011, coming on October 11, 2011. CMHC's national web-site is located at www.cmhc.ca.