Steady Demand for Housing in Kitchener-Guelph

TORONTO, OCTOBER--(Marketwired - Oct. 30, 2014) - The Canada Mortgage and Housing Corporation (CMHC) released its Fall Housing Market Outlook report for the Kitchener-Cambridge-Waterloo and Guelph Census Metropolitan Areas (CMAs) today. Demand for new housing will decline in 2015 but increase in 2016. Apartment starts will be near record levels in both CMAs in 2014, but decline in 2015 pulling total starts lower. Starts will remain steady in 2016.

Sales of resale homes will increase in 2015 in both CMAs. However, sales in 2016 will ease in Kitchener and remain virtually unchanged in Guelph. The resale market will be balanced in Kitchener, but favour sellers in Guelph. Prices in the resale market will continue to increase, but the rate of growth will slow through 2016.The apartment vacancy rate will remain relatively stable in both CMAs.

"Conditions are favourable for the housing markets. Economic and migratory conditions will support demand in 2015, but rising mortgage carrying costs will cause demand to ease by 2016," said Erica McLerie, CMHC Senior Market Analyst.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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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