Real Estate — November 9, 2012

Sudbury Average Prices Will Moderate Next Year

SUDBURY, ONTARIO--(Marketwire - Nov. 9, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook report for the Sudbury Census Metropolitan Area (CMA), average prices in the resale market will make a strong move in 2012 growing 5.5 per cent, before slowing in 2013 in Greater Sudbury.

"Slight employment growth in Greater Sudbury in 2012 is slowing demand, especially over the last few months," observed Warren Philp, CMHC Northern Ontario Market Analyst. After a solid year in 2011, MLS® sales will grow slightly in 2012 and fall in 2013. The new year is expected to start relatively slowly but then pick over the course of the year. Average MLS® prices should climb 5.5 per cent this year and a mere one per cent next year," concluded Philp.

Single-detached housing starts are forecast to fall nearly ten per cent to 290 units this year and grow to 300 units in 2013. Starts of semi-detached, row and apartment starts will decline modestly to 260 units from the lofty 274 units last year.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

Additional data is available upon request.

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Contact Information

Market Analysis Contact:
Warren Philp
807-349-3688
Cell: 807-627-1329
wphilp@cmhc.ca

Media Contact:
Beth Bailey, Consultant, Communications and Marketing
416-218-3355
Cell: 416-988-4615
bbailey@cmhc.ca

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