TORONTO, ONTARIO--(Marketwire - June 14, 2012) - Canada Mortgage and Housing Corporation (CMHC) released its Spring Housing Market Outlook report for the Greater Toronto Area (GTA) today. New home starts are expected to reach 44,500 units in 2012 on the strength of condominium apartment construction, before falling back in line with historical averages next year.
"The Toronto housing market will post impressive numbers for 2012, although activity will soften somewhat later in the year and into 2013," explained Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "Expect fewer first-time buyers due to higher average prices and flat employment growth this year. New construction should also moderate as pre-construction condo buying slows," added Hildebrand.
The four per cent growth in GTA MLS® transactions to 95,000 in 2012 will be given back next year as sales levels become more consistent with underlying fundamentals. Price levels should hold into next year but growth will slow to a level consistent with general inflation.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.
CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.
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Contact Information:
Senior Market Analyst
416-218-3466
shildebr@cmhc-schl.gc.ca