Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 31, 2013 08:15 ET

Stable GTA Housing Market in 2014

TORONTO, ONTARIO--(Marketwired - Oct. 31, 2013) - 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 slightly to 33,900 units in 2014 as both singles and condominium apartment construction moderates from this year. Existing home sales will move up slightly to 90,000 as stronger income growth supports buying activity.

"Next year, both housing starts and existing home sales will be similar to this year," explained Ed Heese, CMHC's Senior Market Analyst for the GTA. "We're building new housing at roughly the same rate as new households are being formed. In the existing home market, continued employment growth and strengthening incomes will support demand but rising prices and a gradual increase in mortgage rates will limit the increase in sales.

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.

Follow CMHC on Twitter @CMHC_ca

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