Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 25, 2015 08:15 ET

Barrie Housing Market

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - According to Canada Mortgage and Housing Corporation (CMHC) Spring Housing Market Outlook report for the Barrie Census Metropolitan Area (CMA), total housing starts will decrease slightly to 1,100 units in 2015 due to fewer apartment starts and then edge up to 1,140 units in 2016. A short supply of land available for residential development in the City of Barrie will be a major factor restraining the number of starts over the forecast period. Existing home sales will increase to 4,900 homes sold in 2015 and grow again to 4,950 sales in 2016. The resale market will favour sellers, as the number of homes listed for sale will not be sufficient to satisfy demand.

"A steady flow of migrants from the Greater Toronto Area and positive local economic conditions will support housing demand in the Barrie CMA over the forecast period." said Abdellah Massaoudi, CMHC Market Analyst for the Barrie area. "Rising home prices and slightly higher mortgage rates in 2016 will begin to constrain homeownership demand, as fewer Barrie households will be able to afford the average resale home."

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.

Follow CMHC on Twitter @CMHC_ca

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