Real Estate — November 8, 2012Ottawa Housing Market to Moderate in 2013
OTTAWA, ONTARIO--(Marketwire - Nov. 8, 2012) - The housing market in the Ottawa Census Metropolitan Area (CMA) will moderate in 2013 with home prices staying in positive territory, according to Sandra Pérez Torres, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for Ottawa. CMHC presented its latest forecast for the Ottawa CMA today at the annual CMHC Housing Outlook Conference.
This year's conference, entitled 'How does Ottawa measure up?', had market analysts use local CMHC data to answer questions housing-industry professionals hear every day - addressing Ottawans' housing-related concerns.
"Despite public sector reductions, Ottawa's economy will remain stable. However, uncertainty will keep some potential homebuyers on the sidelines in 2013," said Sandra Pérez Torres. "As global and local uncertainty starts subsiding and improving labour conditions spill over in the Ottawa region, both the new and resale home market will resume a stronger rate of growth."
Highlights from today's conference include:
- Resale market sales will slow down but prices will remain positive.
- New home market construction will moderate in 2013, moving in line with demographic fundamentals.
- Demographics and younger household job growth will support a healthy rental market.
"Larger urban Ontario centres have been capturing a growing share of housing activity in recent years. A gradual shift in housing activity is expected as smaller urban housing markets hold up relatively better in 2013," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "Housing markets in Windsor, Thunder Bay, Sudbury and London will outperform thanks to an ongoing US economic recovery, relatively more affordable housing and residential construction that is better in line with household formation."
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.
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