Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 25, 2013 08:15 ET

Ontario Housing Market Activity Will Stabilize

TORONTO, ONTARIO--(Marketwired - June 25, 2013) - Ontario housing activity will regain some momentum later this year and post modest growth into 2014, according to the Second Quarter 2013 CMHC Housing Market Outlook - Canada Edition released today. Ontario housing starts are expected to decline and reach 58,300 units before registering 60,900 unit starts in 2014. Ontario housing starts will range between 55,500 and 61,100 units in 2013.

"Housing activity will slow in 2013 but stabilize by 2014 thanks in large part to an improving Ontario economy, stabilizing affordability conditions and less out-migration to other provinces. Tight resale market conditions for low density housing and improving income growth will allow demand for new single detached homes to hold up better over the forecast horizon," said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.

Ontario existing home sales have stabilized and will gradually lead the market higher into 2014. MLS® sales will range between 178,500 and 204,900 units in 2013. Ontario home prices will grow in line with inflation this year and next.

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.

Follow CMHC on Twitter @CMHC_ca

To view the chart accompanying this press release please click on the following link: http://media3.marketwire.com/docs/ONTARIOMLS.pdf

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