Ottawa Housing Market Will Remain Active in 2012

OTTAWA, ONTARIO--(Marketwire - June 14, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Housing Market Outlook, Spring 2012 edition for the Ottawa Census Metropolitan Area (CMA), new housing starts will recover ground this year and remain largely consistent with the current pace of new household formation, with more affordable multiple-family homes leading residential construction activity.

"While construction of single-detached housing is expected to bottom-out this year, first-time buyers and downsizing empty-nesters will drive demand for higher-density new dwellings, such as apartments and townhomes. Apartment construction in 2012, mostly condominiums, will remain active," said Sandra Pérez Torres, CMHC's Senior Market Analyst.

MLS^® sales in the Ottawa CMA will end 2012 on par with last year as positive market fundamentals, robust labour market activity and low financing rates are set to sustain demand for resale homes well into 2013. Balanced market conditions are expected to moderate the pace of average price growth of existing homes in both years amidst a growing supply of listings.

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 CMHC Housing Market Information.