../Morning Post
Posted May 20 , 2010
____________________
PSA

Ontario Housing Demand Will Moderate in 2011

TORONTO - The robust pace in housing demand will moderate later this year and into 2011 but demand will be supported by firming employment conditions in Ontario according to the 2010 Second Quarter CMHC Housing Market Outlook - Canada Edition released yesterday.

Highlights of the Ontario forecast include:

-- Ontario among the leaders driving Canadian economic recovery in 2010/11

-- Job markets on a recovery path and goods sector shows signs of stability

-- Quarterly Ontario resale volumes will moderate from record levels but
owing to economic uncertainty will range between 181,500 and 224,000
unit sales this year and next

-- Higher home prices will prompt more listings and balanced market
conditions by 2011 - resulting in a flattening price trend

-- Ontario home starts will strengthen from 2009 levels reaching 63,200
units this year and 58,800 units in 2011

-- Single detached home construction will lead starts early in 2010

-- Rising mortgage carrying costs will shift demand from expensive to more
inexpensive housing later this year and into next

-- Ontario residential construction activity moves higher beyond 2011 -
trending closer to demographic demand levels


"A number of fundamental but temporary factors have boosted Ontario home sales and prices in recent months. However, higher mortgage carrying costs, increasing supply pressures and declining first time buyer demand will temper Ontario's housing momentum later this year and into 2011," said Ted Tsiakopoulos, CMHC's Ontario regional economist "This transition in housing activity should be orderly thanks to improving job markets, historically low real interest rates and further gains in household incomes," added Tsiakopoulos.

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