Lower Demand for Housing in Kitchener-Guelph

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2012) - The Canada Mortgage and Housing Corporation (CMHC) released its Fall Housing Market Outlook report for the Kitchener-Cambridge-Waterloo (KCW) and Guelph Census Metropolitan Areas (CMAs) today. Demand for both resale homes and new homes will decline in 2013 in both markets. Prices in the resale home market will be stable in 2013 in KCW and Guelph.

"Demand for resale homes from both first-time and repeat buyers will decline slightly in 2013 as the slow pace of economic growth, global financial uncertainty and less accommodating mortgage market conditions temper sales. Despite sales volumes dropping on an annual basis, improving economic conditions and stable home prices will support housing demand by the second half of 2013," said Erica McLerie, CMHC Senior Market Analyst for the KCW and Guelph CMAs.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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.

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