TORONTO, ONTARIO--(Marketwired - June 25, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for the Peterborough Census Metropolitan Area (CMA) resale prices will grow modestly in 2013 and 2014 as the market continues to be balanced. Existing home sales will be relatively flat throughout 2013, but begin to increase in early 2014 as the housing market feels the impact of faster growing employment in the region. Following a slow year in 2013, housing starts will increase moderately in 2014.
"The move-up buyer will sustain the current level of housing demand throughout this year. Moving into 2014, improving economic conditions will generate greater housing demand from first-time buyers. A slight tightening of the resale market in 2014 will lead to a pickup in starts," said Anthony Passarelli, CMHC Market Analyst for the Peterborough CMA.
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 CMHC Housing Market Information.
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