Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 19, 2010 08:15 ET

Windsor's Housing Market to Pick Up in 2010

WINDSOR, ONTARIO--(Marketwire - May 19, 2010) - Activity in the housing market in the Windsor Census Metropolitan Area (CMA) will increase this year before stabilizing in 2011, according to the latest forecast in the Windsor Housing Market Outlook released today by Canada Mortgage and Housing Corporation (CMHC). Reports are also available for other major metropolitan areas across the country.

Highlights of the Windsor Spring Housing Market Outlook report include:

  • Existing home market will remain balanced with the average price rising moderately to $157,500 and sales of 4,800.
  • New home construction will increase significantly to 584 units in 2010, but will remain below the long-term trend.
  • Major investments in the Windsor area will contribute to an economic turnaround. Employment growth of 2.3 per cent begins in 2010.

"A modest improvement in the job market and buyers eager to enter the homeownership market now in anticipation of higher costs later will help support demand for housing in Windsor in 2010," said Margot Stevenson, CMHC's Windsor Market Analyst.

Trends in the Windsor CMA housing market generally mirror expectations for the rest of the province. "Higher mortgage carrying costs, increasing supply pressures and declining first time buyer demand will temper Ontario housing activity later this year and into 2011," said Ted Tsiakopoulos, CMHC's Ontario regional economist. "This transition in housing activity should be orderly thanks to improving job markets, historically low interest rates and further gains in household incomes", added Tsiakopoulos.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit www.cmhc.ca or call 1 800 668-2642.

Contact Information

  • Windsor:
    Canada Mortgage and Housing Corporation
    Margot Stevenson
    (519) 873-2407
    mstevens@cmhc.ca
    or
    En francais:
    Canada Mortgage and Housing Corporation
    David Lan
    (519) 873-2426
    dlan@schl.ca
    or
    Ontario:
    Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos
    (416) 218-3407
    ttsiakop@cmhc.ca
    or
    Canada:
    Canada Mortgage and Housing Corporation
    Charles Sauriol
    (613) 748-2799
    csauriol@cmhc.ca