TORONTO, ONTARIO--(Marketwired - Feb. 6, 2014) - Ontario housing activity has regained some momentum which will persist into early 2014 before easing later this year, according to the First Quarter 2014 CMHC Housing Market Outlook - Canada Edition released today. After slowing in 2013, Ontario annual home starts will stabilize and range between 56,700 to 64,200 units in 2014.
"An improving economy through 2014/15 and less out-migration to western Canada will provide support to the broader Ontario housing market despite gradually higher mortgage rates. Housing activity will stabilize over the forecast horizon but resale housing should outperform. A growing stock of existing housing, owing to more new home completions, will provide more choice and support for the less expensive existing home market," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
Ontario existing home sales will gradually lead the market higher with MLS® sales growing to 199,600 and 203,400 units in 2014 and 2015 respectively. MLS® sales will range between 186,600 to 212,600 units this year. Ontario home prices will grow at a slower rate over the forecast horizon.
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 CMHC Housing Market Information.
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