TORONTO, ONTARIO--(Marketwire - Nov. 4, 2011) - Ontario housing activity is set to moderate in the next few months but remain relatively steady through 2012 according to the 2011 Fourth Quarter CMHC Housing Market Outlook - Canada Edition released today. Housing starts are expected to total 62,400 for 2012.
Housing demand will continue shifting to less expensive, higher density housing in 2012 due to slower economic growth. This will support demand for resale homes, apartment ownership and rental accommodation," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "However, demand for single detached housing will hold up better in Northern Ontario and in urban markets bordering the GTA," added Tsiakopoulos.
MLS® sales are expected to range between 173,000 to 218,000 transactions this year and in 2012 and after sharp increases early this year, Ontario home prices will ease in the next few months and grow closer to inflation by 2012 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.
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Contact Information:
(416) 218 3407
ttsiakop@cmhc.ca