Slower GTA Housing Market in 2013

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2012) - Canada Mortgage and Housing Corporation (CMHC) released its Fall Housing Market Outlook report for the Greater Toronto Area (GTA) today. New home starts are expected to slow to 37,600 units in 2013 as condominium apartment construction moderates from strong levels in 2012. Existing home sales will slip to 87,000 units due to less activity from first-time buyers.

"Although annual totals will be lower in 2013, momentum is expected to pick up later next year," explained Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "In the coming months, slow price growth, continued low interest rates and stable employment conditions will set the stage for an increased flow of households into the ownership market," added Hildebrand.

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.

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