Ottawa Housing Market to Remain Steady in 2012

OTTAWA, ONTARIO--(Marketwire - Nov. 10, 2011) - Housing demand in the Ottawa Census Metropolitan Area (CMA) will remain steady in 2012 despite slower economic growth and uncertainty in global financial markets, according to Sandra Pérez Torres, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for Ottawa. CMHC presented its latest forecast for the Ottawa CMA today at the annual CMHC Housing Outlook Conference.

This year's conference focused on 'The Numbers Behind the Stories'. Market analysts used local CMHC data to answer questions housing-industry professionals hear every day – addressing Ottawa residents' housing-related concerns.

"Ottawa's housing market activity will moderate but remain stable going into 2012, supported by low financing rates, slightly improving labour market conditions and a positive migration outlook. Given the headwinds weighing on the economic outlook, as well as the increasing significance of an ageing population trend, our forecast for dwellings in Ottawa favours more affordable housing choices," said Sandra Pérez Torres.

Highlights from today's conference include:

• Ottawa's economy will grow at a slower rate.
• Demand for new housing will favour more affordable homes, with condominium apartments outperforming other dwelling categories.
• The resale market in Ottawa will stabilize in the balanced territory.
• Over 80 per cent of Ottawa's growth will continue taking place outside the Greenbelt.

"Housing demand in Ontario will continue shifting to less expensive, higher density housing in 2012 due to slower economic growth and a diminishing appetite for big ticket spending. This will support demand for resale homes, apartment ownership and rental accommodation," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "However, demand for more expensive single detached housing will hold up better in Northern Ontario and in urban markets bordering the GTA."

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 homes. 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 vital decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.