Sudbury Housing Market Will Stabilize in 2015

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2014) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook report for the Greater Sudbury Census Metropolitan Areas (CMAs), an improving economy and strong earnings are expected to support housing demand in 2015 leading to growth in both existing home sales and housing starts. This strength will follow a year with weaker results for both MLS^® sales and starts.

Balanced market conditions will continue in Greater Sudbury's resale market in 2015 and 2016 as new listings are expected to keep up with the level of existing home sales. Price growth will decelerate for existing homes over the next two years.

"Housing starts will moderate in 2014 as apartment construction lost its momentum of the previous five years, but will stabilize in next two years, The average price for new homes continues to grow at a faster rate than the existing homes, further widening the price gap between existing and new homes," said Jawad Ahmad, CMHC's Market Analyst.

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.

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