The Canada Mortgage and Housing Corporation (CMHC) released this year’s first Ontario housing market outlook for the first quarter of 2013, focusing on resale activities, resale prices, housing starts and future forecasts. The highlights of the report include:
- Ontario home sales are expected to stabilize after a peak in the second quarter of 2012 and before recovering by second half of 2013 and into 2014.
- Softer price growth combined with an improving job market will support housing demand by 2014.
- Modest job growth and tighter mortgage regulations will somewhat inhibit a demand among first time buyers.
- Stronger housing price growth is expected by 2014 as job market and income improve.
- Ontario starts will slow down to 60,800 units this year in comparison to over 76,742 unit starts in 2012.