Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 13, 2012 08:15 ET

Housing Demand in Ontario Will Moderate but Remain Steady in 2012

TORONTO, ONTARIO--(Marketwire - Feb. 13, 2012) - Ontario housing activity is set to moderate before growing into 2013 according to the 2012 First Quarter CMHC Housing Market Outlook - Canada Edition released today. Housing starts are expected to moderate to 63,450 units for 2012 before growing to 64,500 units in 2013. Ontario housing starts will range between 54,600 and 72,900 units this year and next.

"Ontario housing activity is entering 2012 with momentum. but will likely succumb to the slowing profile for economic growth and job creation in Ontario," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "Housing activity however should remain steady thanks to record low interest rates," added Tsiakopoulos.

MLS® sales are expected to range between 171,250 to 217,550 transactions this year and in 2013, Ontario home prices will grow closer to inflation in 2012 as markets move to a more balanced state.

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.

To view the graphs associated with this press release, please visit the following link: http://media3.marketwire.com/docs/cmhc0213e.pdf.

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