Better times in the housing market appear to be in store as Timmins developers are busily etching out new subdivisions.
Mark Jensen, the city’s director of community development, says there are four active subdivisions preparing for construction, two of which received approval from city council this year.
The Highland Subdivision, led by Interpaving Limited with 101 lots to be completed in three phases, and the nearby eight-lot subdivision owned by B.H.
Martin Consultants Contract Project Management Ltd., a local engineering and architectural firm, are the two most recent approvals.
The other two subdivisions, approved in the late 1990s and now reactivated, are the Park Avenue and Majestic Estates projects, according to Jensen.
Park Avenue hosts a total of 39 lots. The Majestic Estates, which is an extension of the Beaurivage Subdivision, will have 70 lots when it is fully developed, says Lloyd Richards, president of Mid Canada Management, a property management and development company.
“The economy of Timmins has been in the tank for the last 14 years and this year, it is very much alive,” Richards says.
He added that the servicing and roads for the first 18 lots is completed, which he has sold.
“They just need houses,” Richards says.
He planned on preparing 15 more lots by the end of July, of which he has sold 13.
Richard described the homes as upscale single family homes with attached garages. Most run from 1,800 square feet and higher, although some are a minimum of 1,200 sq. ft.
Presently, there are four houses occupied and three under construction, with three more to be started by Cecil Construction. He hopes to have houses built on 15 of the 18 lots by the fall.
Jensen says they are even building houses on spec, almost a thing of the past. Within the Highland Subdivision, some model homes are being built that range between 1,200 and 2,000 sq. ft.
“We don’t have the supply of those types of homes to meet the demand,” Jensen says.
He added that he has seen a lot of building permits for alterations and additions, a partial reflection that there are not enough larger homes. As of April 2004, 108 building permits were issued; however, there have been 130 building permits issued as of the end of April 2005, worth $4 million in construction value, according to Jensen.
Both Jensen and Richards believe increased mining exploration and expansion, commercial business expansion, and smaller mining supply and equipment companies, have all contributed to the activity in the housing market.
