Greater Housing Demand in Windsor in 2015

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - Canada Mortgage and Housing Corporation (CMHC) released its Spring Housing Market Outlook report for Windsor CMA today. Housing starts in Windsor will decrease slighlty to 780 units in 2015 and then remain stable at 785 units in 2016. Existing home sales will increase by approximatley seven per cent in 2015 to 5,700 homes sold and then grow to 5,900 sales in 2016. The average vacancy rate of rental apartments in Windsor will decrease in 2015 and 2016.

"Job growth, stable mortgage rates and affordable home prices will lead to greater housing demand in Windsor in 2015, particularly from first-time buyers. Windsor`s resale market will favour sellers, as the number of homes listed for sale will not be sufficient to satisfy the higher level of demand. Homeownership demand will be relatively unaffected by higher prices and mortgage rates edging up in early 2016, as housing options in Windsor will remain affordable," said Anthony Passarelli, CMHC Market Analyst for Windsor CMA.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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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