Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 31, 2013 08:15 ET

Ontario Housing Market Stabilizes in 2014

TORONTO, ONTARIO--(Marketwired - Oct. 31, 2013) - Ontario housing activity has regained some momentum which will persist into early 2014 before easing slightly later next year, according to the Fourth Quarter 2013 CMHC Housing Market Outlook - Canada Edition released today. Ontario annual home starts are expected to decline and reach 60,800 units this year before stabilizing at 60,300 units in 2014. Ontario housing starts will range between 54,000 and 66,600 in 2014.

"Housing activity will slow in 2013 but stabilise by 2014 thanks in large part to a gradually improving Ontario economy, lower inventories of unsold homes and less out-migration to other provinces. Tight resale market conditions for single detached homes, active repeat buyers and improving income growth will allow demand for lower density homes to hold up better over the forecast horizon," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.

Ontario existing home sales have gained strength and will gradually lead the market higher into 2014. MLS® sales will range between 180,200 to 222,400 transactions in this year and next. Ontario home prices will grow in line with inflation in 2014.

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.

Follow CMHC on Twitter @CMHC_ca

Graphs are available at the following address: http://media3.marketwire.com/docs/charte_eng.pdf

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Contact Information

  • Market Analysis Contact:
    Ted Tsiakopoulos
    416-218-3407
    Cell: 416-579-4992
    ttsiakop@cmhc.ca

    Media Contact:
    Beth Bailey
    416-218-3355
    Cell: 416-988-4615
    bbailey@cmhc.ca