Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 18, 2016 08:15 ET

Total Housing Starts to Move Lower in 2017

TORONTO, ONTARIO--(Marketwired - May 18, 2016) - Canada Mortgage and Housing Corporation (CMHC) released its Spring Housing Market Outlook report for the Greater Toronto Area (GTA) today. Total housing starts are expected to range between 39,500 and 43,500 units in 2016 and move lower to 35,000 and 41,000 starts next year. Apartment starts will see the highest activity in both years, while single-detached homes are expected show robust growth in 2016 before moving lower next year.

Resale homes sales will strengthen and range between 99,500 and 106,000 in 2016 and decline to 92,000 and 102,000 in 2017. The average home price will continue to rise and range between $671,000 and 697,000 in 2016, but the pace of growth will slow down next year and prices will range from $694,000 to $742,000.

"With an improving labour market, growing population and low mortgage rates, the GTA housing market is expected to remain healthy over the forecast horizon," explained Dana Senagama, CMHC's Principal of Market Analysis for the GTA. "New home starts and existing home sales will slow as we approach 2017, as affordability concerns hamper home buying activity, especially among first-time buyers."

The national, regional and CMA HMO reports are available here.

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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.

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