Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 18, 2016 08:15 ET

Higher Housing Starts in London in 2016

TORONTO, ONTARIO--(Marketwired - May 18, 2016) - Canada Mortgage and Housing Corporation (CMHC) released its Spring Housing Market Outlook report for London CMA today. Housing starts in London will be within the range of 2,150 to 2,400 units in 2016 and 2,200 to 2,550 units in 2017.

The average MLS® sale price in London will fall within the range of $275,000 to $283,000 this year and $285,500 to $297,500 next year. Between 9,900 and 10,300 MLS® sales will occur in 2016, followed by 10,100 to 10,700 MLS® transactions in 2017.

"The number of resale home listings will be too low to satisfy greater housing demand caused by stronger population growth and more people working. The shortage of listings will allow builders to sell a greater number of homes this year," said Anthony Passarelli, CMHC Senior Market Analyst for London CMA. "Seller's market conditions will also lead to stronger growth in the average MLS® sale price."

The national, regional and CMA HMO reports are available here.

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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.

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