Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 25, 2015 08:15 ET

Kingston Housing Starts Rebound in 2015

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - Total housing starts within the Kingston Census Metropolitan Area (CMA) are expected to see a strong rebound in 2015 to 810 units and then moderate in 2016, according to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook. Higher apartment starts, which will reach a level similar to that of 2013, will primarily cause total starts to increase this year. Apartment starts are expected to retreat from that high level in 2016. Row home starts will remain strong in 2015 and 2016, backed by greater first-time home buyer demand.

The number of existing homes sold will increase slightly to 3,000 in 2015, with a modest adjustment expected in 2016. The average price of a resale home will increase by 1.0 per cent each year over the forecast period.

"Positive economic conditions will support housing demand in 2015. An improving labour market, higher average weekly earnings and stable low mortgage rates are all factors contributing to a stable outlook for this year. As prices continue to rise and mortgage rates edge higher in early 2016, affordability will become an issue for first time buyers," said Aris Gianneskis, Market Analyst.

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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