Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 16, 2010 08:30 ET

Stable Growth in Ottawa's Housing Market in 2011

OTTAWA, ONTARIO--(Marketwire - Nov. 16, 2010) - Attendees of CMHC's annual Housing Outlook Conference received the latest forecast for Ottawa today at the Hampton Inn. The conference also marked the official release of the Ottawa Housing Market Outlook report.

"The Ottawa housing market will experience stable growth fuelled by steady employment growth and a well-diversified economy," said Sandra Pérez-Torres, CMHC's Senior Market Analyst for Ottawa. "Balanced conditions will continue to lead to a slight increase in the average price of homes, while new housing starts will be slightly lower than last year."

Other highlights from the conference include: 

  • With stable employment conditions, average weekly earnings are continuing to rise.
  • The market for resale homes will stabilize and increase modestly in 2011. Average prices will continue to increase.
  • The Ottawa housing market is trending more towards multiple housing than single family homes.

"While Ontario home sales and prices have moderated since early this year, Ontario housing activity is now more in line with economic conditions. This ensures more stability in housing markets in the months ahead," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "This transition in housing activity has been orderly thanks to improving job markets and historically low interest rates."

As Canada's national housing agency, CMHC draws on more than 60 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.

To view the e-brochure associated with this press release, please visit the following link:

http://media3.marketwire.com/docs/CMHC-Nov16.pdf.

Contact Information

  • Media inquiries:
    Canada Mortgage and Housing Corporation
    Sandra Perez-Torres
    Senior Market Analyst, Ottawa
    613-748-5120
    or
    Canada Mortgage and Housing Corporation
    Stephen Derksen
    Coordinator, Communications and Marketing
    416-218-3443