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____________________ Friday May 23, 2014 ___________________



Stable Housing Demand in Kitchener-Guelph

TORONTO - Spring Housing Market Outlook report for the Kitchener-Cambridge-Waterloo (KCW) and Guelph Census Metropolitan Areas (CMAs)was released today. Housing starts in Kitchener-Cambridge-Waterloo will increase to 2,300 units in 2014 and 2,625 units in 2015. Housing starts in Guelph will decrease to 700 units in 2014, followed by an increase to 825 units in 2015.

Buyers who stayed away in the first quarter due to the extraordinary weather conditions will soon return, boosting homeownership demand in the short term. Employment, migration and mortgage rates will keep demand stable in both CMAs moving into early 2015.

"Construction will increase in 2014 and 2015 in Kitchener-Cambridge-Waterloo, primarily due to an increase in apartment starts. A large number of those apartment starts will be intended for the rental market. Construction of rental housing has mostly been fuelled by the prospect of higher student enrolment at the CMAs post-secondary institutions", said Anthony Passarelli, CMHC Market Analyst for the Kitchener-Cambridge-Waterloo (KCW) and Guelph CMAs.

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