Housing Demand Set to Moderate Before Growing Later in 2013
TORONTO, ONTARIO--(Marketwire - Nov. 5, 2012) - Ontario housing activity has and will continue to moderate from early 2012 year levels according to the 2012 Fourth Quarter CMHC Housing Market Outlook - Canada Edition released today. Ontario housing starts are expected to moderate to 65,000 units in 2013 after growing to 77,600 units in 2012. Ontario housing starts will range between 59,600 and 70,400 units in 2013.
"Housing demand has moderated but will gain momentum by the second half of 2013 thanks to improving economic and housing conditions. Larger urban Ontario centres have been capturing a growing share of housing activity in recent years. A gradual shift in housing activity is expected as smaller urban housing markets hold up relatively better next year. Housing markets in Windsor, Thunder Bay, Sudbury and London will outperform thanks to an ongoing US economic recovery, relatively more affordable housing and residential construction that is better in line with household formation," said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.
MLS(R) sales are expected to moderate but will range between 181,500 to 207,100 unit transactions in 2013. Ontario home prices will stabilize next year as markets remain balanced.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.
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