Housing Demand Set to Moderate After Growing in Early 2012

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2012) - Ontario housing activity is set to moderate from early 2012 year levels according to the 2012 Third Quarter CMHC Housing Market Outlook - Canada Edition released today. Housing starts are expected to moderate to 63,300 units in 2013 after growing to 75,100 units in 2012. Ontario housing starts will range between 56,800 and 78,400 units this year and next.

"Ontario's economy and housing market will enter 2013 with less momentum than previously expected," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "However, home sales and housing prices should remain steady in 2013 thanks to low interest rates and support from an ongoing recovery in the US economy", added Tsiakopoulos.

MLS^® sales are expected to moderate but will range between 183,700 to 207,100 unit transactions this year and in 2013. Ontario home prices will grow at a slower rate in 2013 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.

A table is available at the following address: http://media3.marketwire.com/docs/cmhcchartENG.pdf