Greater Housing Demand in London in 2015

LONDON, ONTARIO--(Marketwired - Nov. 13, 2014) - Housing starts and existing home sales will both increase in 2015 in the London Census Metropolitan Area (CMA), according to Anthony Passarelli, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for London. CMHC presented its latest forecast for the London CMA today to the local housing industry.

At this year's housing market outlook presentation, entitled 'How Will Key Buyer Segments Affect London's Housing Market?', Passarelli explained how demographic trends will impact the housing industry in London and provided an in-depth housing market forecast for 2015.

"Over the next two years London's household growth will be concentrated in the age groups occupied by millennials and baby boomers. Our forecasts are based on the housing choices they are likely to make," said Passarelli.

Highlights from today's seminar include:

• Job growth, slightly higher net migration and stable mortgage rates will lead to greater housing demand into late 2015.
• The resale market will be tighter, leading to stronger growth in the average resale price.
• There will be higher single-detached, row home and condominium apartment starts in 2015.
• Housing demand will begin to moderate late in 2015 due to mortgage rates edging up.
• Expect homeownership demand to lose a small share to rental demand in 2016.

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.

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