Sunday, November 15, 2009

CMHC housing report for Country and Ontario

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!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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