Real Estate — November 14, 2012GTA Housing Market Slower in 2013
TORONTO, ONTARIO--(Marketwire - Nov. 14, 2012) - Housing sales, construction levels and price growth will be lower in 2013 in the Greater Toronto Area (GTA) as activity enters the year at a slower pace, according to Shaun Hildebrand, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for Toronto. CMHC presented its latest forecast for the GTA today at the annual CMHC Housing Outlook Conference.
This year's conference, entitled 'How does Toronto measure up?' had market analysts use local data to answer questions and address concerns they hear from housing-industry professionals.
"The GTA housing market will adjust down in the coming months but can be expected to regain some momentum in the second half of 2013," said Shaun Hildebrand. "Stable fundamentals and a greater level of selection in the condo market will help first-time buying improve while demand from repeat buyers holds steady."
Highlights from today's conference include:
- The recent slowing in demand for new homes will bring housing construction back in line with demographics in 2013.
- Continued strength in rental market conditions will continue to provide support for the condo market.
- Relatively more affordable options across all markets will outperform next year due to reduced affordability for first-time buyers and slower home equity gains for repeat buyers.
"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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