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CMHC predicts the buyer's market will continue.

CMHC predicts the buyer's market will continue

Demand for homes cooled in Northern Ontario during 1990, according to the Canada Mortgage and Housing Corporation (CMHC).

For example, in Sudbury more homes were listed for sale but fewer were sold than during the previous year.

In its year-end summary of activity in northeastern Ontario, the federal government agency reported that 5,393 housing units were listed for sale with the Sudbury Multiple Listing Service (MLS) during 1990. The 1989 total was 4,974 units.

However, the CMHC reported an 18-per-cent reduction in the number of home sales.

The length of time homes were listed with MLS increased to an average of 75.9 days last year from 69.4 days in 1989.

"It will be a buyers' market in Sudbury in 1991," predicted Luc Menard, the CMHC's Sudbury branch manager. "We expect 1991 to be a replicant of 1990."

In North Bay the number of listings increased to 2,502 from 2,297, while the length of time homes were listed with MLS increased to an average of 68 days from 65. Home sales fell 11 per cent to 941 from 1,060.

The number of listings in Sault Ste. Marie increased to 1,612 units in 1990 from 1,587. The ratio of sales to listed units plummetted to 11 per cent from 20.8 per cent.

The number of MLS listings in Timmins increased to 1,395 units in 1990 from 1,340. The number of sales fell to 475 units from 612 and the sales-to- list ratio fell to 9.2 per cent from 19.5 per cent.

According to the CMHC office in Thunder Bay, home sales in the city decreased 8.7 per cent to 1,207 units in 1990.

Robin Wiebe, a senior market analyst for the CMHC, predicts that it will be a buyers' market in Thunder Bay for the balance of 1991. The number of listings is expected to increase by 11 per cent.


According to Royal LePage's winter survey of Canadian home prices, the recession has had only a minor affect on home prices in most major Northern Ontario centres.

The survey, conducted in January, compared the average prices for seven categories of homes with those recorded in January 1990.

In North Bay home prices increased slightly from the previous year, while in Parry Sound the prices remained the same.

The financial problems at Algoma Steel Ltd. apparently deterred home buyers in Sault Ste. Marie. Only the price of standard condominiums increased over the one-year period.

In Sudbury there was an increase in the average price of homes in most categories. The only price decreases were registered for homes at the upper end of the market.

Despite major labor disputes in the city during 1990, there was an across-the-board increase in Thunder Bay's home prices.

Kenora, a relatively new addition to the survey, experienced price decreases in each category. However, the figures only reflected changes in the market from summer to winter, a traditionally slow time in the real estate market.

The following are the average prices in the Northern Ontario communities surveyed by Royal LePage in January compared to January 1990. Not all communities have housing stock in all of the survey's categories.


Detached bungalow: $122,500, up 2.1 per cent Executive two-storey: $190,000, an increase of 2.7 per cent Standard two-storey: $122,500, an increase of 2.1 per cent Standard townhouse: $79,000, an increase of 1.3 per cent Senior executive: $290,000, a 1.8-per-cent increase Standard condominium: $103,000, a three-per-cent increase


Detached bungalow: $110,000, no change Executive two-storey: $140,000, no change Standard two-storey: $95,000, no change Senior executive: $180,000, no change


Detached bungalow: $104,000, a 10.3-per-cent decrease Executive two-storey: $185,000, a decline of 22.9 per cent Standard two-storey: $125,000, a decline of 10.1 per cent Standard condominium: $100,000, an increase of 3.1 per cent


Detached bungalow: $112,000, up 4.7 per cent Executive two-storey: $189,000, an increase of five per cent Standard two-storey: $125,000, an increase of 5.9 per cent Standard townhouse: $80,000, a 1.3-per-cent increase Senior executive: $220,000, a decrease of 10.2 per cent Standard condominium: $130,000, a 3.2-per-cent increase Luxury condominium: $170,000, an 8.1-per-cent decline


Detached bungalow: $143,000, up 4.7 per cent Executive two-storey: $187,000, an increase of 3.9 per cent Standard two-storey: $99,500, a 5.1-per-cent increase Standard townhouse: $78,000, a 4.7-per-cent increase Senior executive: $300,000, no change Standard condominium: $130,000, a 4.7-per-cent increase Luxury condominium: $157,500, a five-per-cent increase


Detached bungalow: $122,000, down 6.2 per cent Executive two-storey: $175,000, a decline of 7.9 per cent Standard two-storey: $140,000, a 3.4-per-cent decrease Standard townhouse: $82,000, a 8.9-per-cent decrease Senior executive: $265,000, a 3.6-per-cent decrease Standard condominium: $82,000, 3.5-per-cent decrease Luxury condominium: $120,000, no change


Detached bungalow: $110,000, down from $115,000 in September Executive two-storey: $120,000, down from $130,000 in September Standard two-storey: $100,000, down from $115,000 in September
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Title Annotation:Report on Construction; Canada Mortgage and Housing Corporation
Publication:Northern Ontario Business
Date:May 1, 1991
Previous Article:Door manufacturer takes an aggresive approach.
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