TORONTO, ONTARIO--(Marketwired - Oct. 26, 2015) - Housing starts in the Greater Sudbury Census Metropolitan Area (CMA) are expected to trend lower to 225 units in 2015, 200 units in 2016, and 190 units in 2017, according to the Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook report, released today. A well-supplied resale market is expected to soften demand for new single-detached homes. Multiple-unit starts are forecast to decrease due to the high number of apartment units currently under construction.
Existing home sales are expected to be 2,150 units this year due to the increased affordability from lower resale prices and mortgage rates. Sales are expected to trend slightly lower to 2,100 units in 2016 and in 2017. The resale market should continue to favour buyers, with the average resale price expected to decline to $241,500 this year and remain relatively flat in 2016 and 2017.
"Declining non-energy commodity prices has been impacting the local economy, resulting in slow job and population growth, which in turn continues to hold back housing demand, said Aris Gianneskis, CMHC's Market Analyst for Sudbury. "Meanwhile, a slightly lower average resale home price this year and relatively flat prices for the next two years will help Sudbury remain one of the most affordable housing markets in Ontario."
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.
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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Angelina Ritacco
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416-218-3320
aritacco@cmhc.ca