Forging ahead: housing starts fueled by economy.
Author | Cowan, Liz |
Position | FIVE NEWSMAKERS |
Strong employment over the past year has stimulated new housing construction in some of the North's major centres and smaller communities.
According to the Canada Mortgage and Housing Corporation (CMHC), Thunder Bay's single-detached housing starts continued its upward trend over the past year (January to September). Strong migration and job growth, along with low mortgage rates, are fueling the new-home market in the city.
Kenora, North Bay, Sault Ste. Marie, Timmins and Temis-kaming Shores are also experiencing stronger single-detached housing starts this year as compared to 2011.
Single-detached housing starts in Sudbury are down the first nine months of this year, as is overall housing construction, which fell close to 30 per cent.
"Employment has been relatively flat in the city for about a year Based on the excitement that still exists in the community about employment going forward, and a number of projects on the go, we are not really seeing that in the labour force data so far this year" said Warren Philp, CMHC market analyst.
Smaller centres across the North are dealing with housing crunches due to large mining projects under development or nearing production.
In Kirkland Lake, the continued success of Kirkland Lake Gold and its workforce of 800 has created an accommodation shortage.
"What we need right now in Kirkland Lake is for developers to come in and build an apartment complex or row houses," Mayor Bill Enouy said earlier this year. "That is the biggest opportunity for some entrepreneur"
In Cochrane, Detour Gold's open pit gold mine and other economic developments prompted the town to develop a new subdivision this...
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