Real Estate — June 14, 2012Sudbury Employment Growth to Fuel Housing Gains
SUDBURY, ONTARIO--(Marketwire - June 14, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for the Sudbury Census Metropolitan Area (CMA), both the resale market and new construction activity will be buoyed by vibrant employment growth in 2012 and again in 2013 in Greater Sudbury.
"Significant expenditures in mining infrastructure combined with a host of other construction projects will be key to increasing employment numbers that will support the housing industry on all fronts," stated Warren Philp, CMHC Northern Ontario Market Analyst. After a solid year in 2011, MLS® sales are expected to increase nearly eight per cent reaching 2,700 units in 2012 and 2,800 units in 2013. Average MLS® prices should climb 5.5 per cent this year and a further 2.5 per cent next year," said Philp.
Single-detached housing starts are forecast to grow three per cent to 330 units in 2012 and 370 units in 2013. Starts of semi-detached, row and apartment starts will subside only slightly to 240 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.
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