Affordability, low rates driving real estate market. (Timmins: Special Report).Affordability and low interest rates are driving the real estate market in Timmins in 2002, but the new housing market remains relatively stagnant stagnant /stag·nant/ (stag´nant) 1. motionless; not flowing or moving. 2. inactive; not developing or progressing. , says a Northern Ontario Northern Ontario is the part of the province of Ontario which lies north of Lake Huron (including Georgian Bay), the French River and Lake Nipissing. Northern Ontario has a land area of 802,000 km² (310,000 mi²) and constitutes 87% of the land area of Ontario, although it market analyst with Human Resources Development Canada “HRDC” redirects here. For other uses, see HRDC (disambiguation). The Department of Human Resources Development, also referred to as Human Resources Development Canada (HRDC), is a former department of the Government of Canada. . "Everybody's slowed down quite a bit," says Warren Philp. "The economy, out-migration issues and the resources we are dealing with in mining and forestry means cutting costs. The biggest (issue) is labour. Fewer employees and downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing has an effect on the construction market." He says new construction is always a move up, but Timmins does not have the job growth that would lead to a boom in new housing starts. However, the resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. market has been "pretty good," with sales up 2.2 per cent over last year's figures, Philp says. He attributes much of this resale climate to low interest rates and affordable home prices. Of the 358 sales last year, the average price of a home was $84,210. This year, of the 366 sales, the average price of a home has been $83,722. The peak period for housing construction in Timmins was from 11997 to 1999, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Philp. in 2001 the market "softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. " quite a bit. "There was one housing start (in Timmins) at the end of April last year," Philp says. Claude Brunet, general manager for Timmins Building Supplies.com, says although the new-housing market continues to be slow, there are signs that the market has improved over last year's numbers. "(In just one day this spring) city hall handed out 14 residential building permits," Brunet says. "Lately it's getting better." Last year 17 new homes were built, with an average of six homes built each month, Brunet says. The figures to date indicate housing starts will continue at last year's levels, if not slightly improved, he notes. A trend towards renovating, existing homes, as opposed to purchasing new homes, seems to be dominating the scene, Brunet says. The commercial construction market has seen little movement over the past few months. Though there are some proposals for commercial developments in the city, nothing is concrete, he adds. |
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