Real Estate — November 6, 2012London Housing Market to Remain Steady in 2012
LONDON, ONTARIO--(Marketwire - Nov. 6, 2012) - Housing demand in the London Census Metropolitan Area (CMA) will be slightly stronger than in Ontario as a whole as London will continue to benefit from employment growth and a relatively affordable housing market, according to Alexander Bonnyman, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for London. CMHC presented its latest forecast for the London CMA today at the annual CMHC Housing Outlook Seminar.
This year's seminar, entitled, 'How does London measure up?' had market analysts use local CMHC data to answer questions, housing-industry professionals hear every day - addressing Londoners' housing-related concerns.
"London's housing market in 2013 is shaping up to be very similar to 2012 results," said Alexander Bonnyman, CMHC's London Market Analyst. "2013 will start at a slower pace than a year prior but activity will pick up in the latter half of the year as employment responds to strengthening US demand."
Highlights from today's seminar include:
- Resale activity in 2013 will slow slightly from a year prior although sales and average price performance in the London CMA will be slightly stronger than in Ontario as a whole.
- The pace of starts is expected to slow slightly overall although single-detached starts will remain on par with the 2012 level.
- Improving labour market conditions in the second half of 2013 will be supportive of housing demand.
"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".
London's Housing Market Outlook report was also released today by CMHC. This forecast document provides the foundation for the detail provided at the Housing Outlook Seminar and can be accessed here: Housing Market Outlook - London.
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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