Sudbury Economic Growth Spurs on Housing Market

SUDBURY, ONTARIO--(Marketwire - Nov. 4, 2011) - Canada Mortgage and Housing Corporation (CMHC) released this information today in its Fall Housing Market Outlook report for the Sudbury Census Metropolitan Area (CMA). Single-detached housing starts will rise in 2011 and again in 2012 as employment growth, improved in-migration and a solid resale market provides adequate support for further advances in new construction.

"Relatively high commodities prices over the forecast period bode well for Sudbury's mining industry and all companies that support that industry in the Greater Sudbury area. Employment and income growth for the remainder of this year and into 2012 support further resale and new construction market expansion in Greater Sudbury," said Warren Philp, CMHC Northern Ontario Market Analyst.

After growing seven per cent in 2011, MLS^® sales for the Sudbury CMA are forecast to increase 3.3 per cent in 2012 to 2,480 units. As listings expand, expect average MLS® price growth to slow this year to 1.9 per cent while in 2012 the rate of change in prices will edge up 1.8 per cent.

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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