Greater Housing Demand in 2015

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2014) - Canada Mortgage and Housing Corporation (CMHC) released its Fall Housing Market Outlook report for London CMA today. Housing starts in London will increase to 2,180 units in 2015 and then moderate in 2016. Existing home sales will also be higher in 2015 and just decrease slightly the following year. The average vacancy rate of rental apartments will be stable next year and then move down in 2016.

"Job growth, slightly higher net migration and stable mortgage rates will lead to greater housing demand into late 2015. Existing home sales will grow more than listings, causing greater appreciation in the average price of a resale home. First-time buyers will have a greater presence in the resale market and allow more existing homeowners to upgrade to a new home. Housing demand will begin to moderate late in 2015 due to mortgage rates edging up. As a result, expect homeownership demand to lose a small share to rental demand the following year," said Anthony Passarelli, CMHC Market Analyst for London CMA.

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 CMHC Housing Market Information.

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