2012 Canadian Market Outlook
CMHC Predicts Stability in Housing Starts, MLS® Sales & Resale Prices
The Canadian Mortgage and Housing Corporation (CMHC) has predicted stability in Canadian housing starts, MLS® sales and resale prices in 2012, citing low interest rates, stabilizing employment rates, as well as balanced real estate market conditions as key factors in their forecast.
In recent months, housing starts have been supported by low interest rates and an improving employment situation. They are, however, expected to moderate until the end of 2012. Housing starts were forecast to be 191,000 units for 2011 and 186,750 units for 2012.
The CMHC also predicted that sales of existing homes through the Multiple Listing Service® (MLS®) would increase modestly in 2012. Overall, 450,100 sales were forecast in 2011, followed by a 1.9 per cent increase to 458,500 in 2012.
With balanced conditions expected in most markets, the average MLS® price is also expected to rise slightly to $368,200 in 2012.
The overall prognosis for the Canadian real estate market in 2012? Continued stability.
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*The information contained in this article references major market information from the Canadian Housing and Mortgage Corporation. Sotheby’s International Realty Canada cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. |
