This is the latest housing report from CMHC and it indicates that resale prices moderated in 2008 but were strong in 2009
Housing starts: After a slow start in 2009, housing starts will become stronger by the end of 2009 and average 141,900 units. In 2010, starts will increase to approximately 164,900 units.
Resales: Sales of existing homes through the Multiple Listing Service® MLS®) have become more robust since the start of 2009. The strong pace of resales reflects , in part, activity that was delayed in the previous two quarters of 2009 and is likely not to be sustained. MLS® resales will be about 441,300 units for 2009, up from 433,990 units in 2008.
As far as 2010 is concerned, there will be approximately 445,150 units sold.
Resale prices: After a few years of strong gains, the average MLS® price moderated in 2008 to $303,607.
Recently, however, average prices have recovered. The average MLS® price is expected to increase to $312,950 in 2009 and to $324,500 in 2010.
Ontario: New home construction in Ontario will move lower to 47,400 units in 2009 while 2010 will see a strong improvement to 56,500 units.
Multiple-family starts will decrease in 2009 to 26,500 units before reaching 32,900 units in 2010.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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