Higher Housing Starts in 2015

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - The Canada Mortgage and Housing Corporation (CMHC) released its Spring 2015 Housing Market Outlook report for the Peterborough Census Metropolitan Area (CMA) today. Housing starts are forecast to increase to 265 units in 2015 due to higher row home and apartment starts, and remain stable in 2016 at 260 units. Existing home sales are expected to be slightly higher in 2015 at 2,600 homes sold, and decline slightly to 2,550 homes sold in 2016. Balanced market conditions will lead to modest growth in the price of the average resale home in Peterborough in both 2015 and 2016.

"Modest job growth in 2015 and 2016 and affordable home prices will support housing demand in Peterborough over the forecast period. The job growth will occur in the export-related and knowledge-based sectors. In addition, decreasing inventories of unsold new homes will cause an increase in starts of all dwelling types in the next several months," said Olga Golozub, CMHC Market Analyst for the Peterborough 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.

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