It’s been a quiet first three months of the year for housing starts in Thunder Bay.
The Canada Mortgage and Housing Corporation says construction of new homes in the city continued to dwindle in March, adding there’s only been one start so far.
Local market analysis Warren Philp says based on activity CMHC is seeing in the market for 2015 so far, housing starts are being forecast at 141 units for the entire year. He says that means the trend is on a downward spiral compared to 2014.
Philp adds though it’s not uncommon for the market to slow at this time of any year, noting it’s not all bad news. He says the resale market spiked in March, which is a positive indicator for new home construction later in the year. (File photo)
