February 7th - 2012

Market Watch: Stable resale market predicted

Ontario housing demand is expected to slow in the coming months due to fewer first-time buyers and a modest pace in economic and job growth, says a recent CMHC report.

Ontario housing demand is expected to slow in the coming months due to fewer first-time buyers and a modest pace in economic and job growth, says a recent CMHC report. The report predicts stability for the less expensive resale market, with nearly 196,000 unit sales for 2012. Slow job growth is projected to temper increases in activity. However, steady sales and higher home listings will move Ontario’s resale markets into balance, with the average price predicted at $366,100 for 2012. Visit www.cmhc.ca and type “provincial forecasts” into the top right search box and then click on #1, Housing Market Outlook – Canada.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246