Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 25, 2015 08:15 ET

Greater Housing Demand in London in 2015

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - Canada Mortgage and Housing Corporation (CMHC) released its Spring Housing Market Outlook report for London CMA today. Housing starts in London will increase to 2,090 units in 2015 and then grow to 2,205 units in 2016, primarily due to higher apartment starts in both years. Existing home sales will also be slightly higher in 2015 at 8,850 homes sold and then increase to 9,000 sales in 2016. The average vacancy rate of rental apartments in London will decrease in 2015 and 2016.

"Job growth, stable mortgage rates and affordable home prices will lead to greater housing demand in 2015, particularly from first-time buyers. The average price of a resale home will appreciate by approximately three per cent in 2015 and 2016, due to balanced market conditions. Homeownership demand will be barely affected by modest price growth and mortgage rates edging up in early 2016, as most housing options in London will remain affordable," said Anthony Passarelli, CMHC Market Analyst for London 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.

Follow CMHC on Twitter @CMHC_ca

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