TORONTO, ONTARIO--(Marketwired - Oct. 26, 2015) - The Canada Mortgage and Housing Corporation (CMHC) released its Fall 2015 Housing Market Outlook report for the Peterborough Census Metropolitan Area (CMA) today. Housing starts are forecast to increase to 335 units in 2016 from 310 units in 2015 due to higher single-detached and apartment starts, and remain stable in 2017.
The resale home market will be balanced with price growth around five per cent in both 2016 and 2017. Existing home sales are expected to be slightly higher in 2016 and 2017 at 2,850 and 2,950 units, respectively.
"A decline in the resale market inventory and a decrease in the inventory of unsold new homes are factors contributing to a higher number of starts in the next year. Modest growth in employment in 2016 and 2017 together with higher average weekly earnings will sustain housing demand in Peterborough. Job growth will occur in the export-related and knowledge-based sectors as well as health care and social assistance sector," 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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Contact Information:
Angelina Ritacco
416-218-3320
aritacco@cmhc.ca