Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 25, 2015 08:15 ET

Housing Demand Will Moderate in Sudbury in 2015

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - Canada Mortgage and Housing Corporation (CMHC) released its Spring Housing Market Outlook report for the Greater Sudbury CMA today. Housing starts in Sudbury will trend slightly lower to 240 units 2015 and then remain relatively stable at 230 units in 2016. A well- supplied resale market will soften demand for new single-detached homes. Multiple-unit starts will decrease due to the high number of homes currently under construction.

The resale market will become more favourable to buyers in 2015 and 2016. The average price of a resale home is not expected to increase in either year, as the number of homes listed for sale will be more than sufficient to satisfy demand. Existing home sales will edge lower to 2,050 units in 2015 and 1,980 units in 2016.

"Moderate job growth, primarily in the service sector, and growth in average weekly earnings are expected in 2015 and 2016. A slightly lower average resale home price and the continuation of low mortgage rates will make it easier for first-time home buyers to enter into the homeownership market," said Aris Gianneskis, CMHC's Market Analyst for Sudbury.

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.

Follow CMHC on Twitter @CMHC_ca

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