Ottawa Housing Market Will Moderate in 2012

OTTAWA, ONTARIO--(Marketwire - Nov. 4, 2011) - Canada Mortgage and Housing Corporation (CMHC) released its latest forecast for the Ottawa Census Metropolitan Area (CMA) today in the Ottawa Housing Market Outlook, fall 2011 edition. New housing starts will scale back closer to long term demographic fundamentals, with more affordable multiple-family homes dominating residential construction activity.

"Given the economic outlook, as well as the increasing significance of an aging population trend, our forecast for dwellings in Ottawa favours more affordable housing choices, especially condo apartments and townhomes," said Sandra Pérez Torres, CMHC's Senior Market Analyst.

MLS^® sales in the Ottawa CMA will end 2011 on a positive note, as the region will post a decline of just three per cent, while average prices will grow by five per cent. Resale 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.

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 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.

For housing forecasts that will inform your business strategy in 2011, attend Ottawa's Housing Outlook Conference on November 10th. Visit www.cmhc.ca/conferenceregistration (click on Conferences & Events and choose Ottawa HOC 2011) for complete details.

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