Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 25, 2013 08:15 ET

Slower GTA Housing Market Activity in 2013

TORONTO, ONTARIO--(Marketwired - June 25, 2013) - Canada Mortgage and Housing Corporation (CMHC) released its Spring Housing Market Outlook report for the Greater Toronto Area (GTA) today. New home starts are forecast to edge lower to 33,400 units in 2013, primarily due to condominium apartment segment pulling back from a record high level registered in 2012. Low-rise homes (singles, semis, and rows) are projected to push total housing starts higher by four per cent in 2014.

With more potential homebuyers on the sidelines, GTA MLS® sales will inch down to 84,500 units in 2013. Next year's sales, which are expected to recover to 89,500 units, will align well with the past five year average.

"Although condo starts will decrease on weaker demand for new units, they will remain elevated and will account for the bulk of total residential construction," said Ted Tsiakopoulos, CMHC's Regional Economist. "Both low-rise and high-rise pre-construction sales should see gradual improvements through 2014 thanks to stronger growth in the economy, improved migration boosting household formation and more low-density housing options," added Tsiakopoulos.

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 http://www.cmhc.ca/housingmarketinformation.

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Contact Information

  • Canada Mortgage and Housing Corporation
    Market Analysis Contact:
    Ted Tsiakopoulos
    416 218-3407
    ttsiakop@cmhc.ca

    Canada Mortgage and Housing Corporation
    Media Contact:
    Beth Bailey
    416-218-3355
    bbailey@cmhc.ca
    www.cmhc.ca