Demand for Housing in Windsor to Increase in 2016

TORONTO, ONTARIO--(Marketwired - Oct. 26, 2015) - Housing starts in the Windsor Census Metropolitan Area (CMA) are expected to increase by six per cent in 2016 to 910 starts and will grow again in 2017, according to the Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook report, released today. MLS^® sales are forecast to increase one and a half per cent to 6,000 sales in 2016 and be slightly higher in 2017. The average vacancy rate is expected to decrease to 3.8 per cent in 2016 and decrease further in 2017.

"Greater growth in the number of households in Windsor will lead to greater housing demand in 2016. Improved labour market conditions will cause a larger percentage of Windsor's growing number of 25 to 34 year olds to leave the parental home to form their own households, said Anthony Passarelli, CMHC Market Analyst for Windsor. "The market for resale homes began to favour sellers in 2015 and a greater shortage of listings relative to demand next year will lead to greater growth in the average MLS^® price and higher housing starts."

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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