Ontario Housing to Stabilize says CMHC

Queen's Park October

Ontario housing conditions will stabilize

Stable economic conditions across the province will help stabilize housing demand in 2010 according to the 2009 Third Quarter CMHC Housing Market Outlook - Canada Edition.

Highlights of the Ontario forecast include:

• The Ontario economy will stabilize at year end before gradually recovering in 2010

• Ontario resale volumes will stabilize and range between 160,000 and 190,000 unit sales this year and next - reaching 174,000 units in 2009, and 166,750 units in 2010.

• Resale volumes will be down from the peak in 2007 but will be in line with volumes earlier this decade.

• After experiencing buyers market conditions early this year, balanced market conditions will be sustained through 2010 – prices will rise by 1.6 per cent and 0.8 per cent this year and next respectively.

• After declining in 2009, new home starts will edge up and reach 50,000 units in 2010 but owing to economic uncertainty will range between 45,800 and 60,000.

• High levels of affordability will support demand for detached housing in the immediate term but a shift to more inexpensive multi-family housing will occur as affordability erodes in late 2010.

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Whether you're buying or selling and looking for a Toronto Realtor or feel free to e-mail or phone us and we will be happy to guide you through your real estate experience.

Diane Plant, Broker
Re/Max Realtron Realty Inc, Brokerage
(416) 782-8882

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