Existing Home Sales Will Reach Historical Records in 2007 and 2008!

Submitted by Jasmina on Thu, 2007-08-16 19:57.

Canada Mortgage and Housing Corporation (CMHC) has just released their 3rd Quarter 2007 Housing Market Forecasts for Canada & Ontario. Here are some:

Ontario’s Resale Homes Market and other Highlights

  • Prices of existing homes will grow faster than inflation, rising by 5.3 per cent this year and 3.4 per cent in 2008.
  • Resale volumes through the Multiple Listing Service (MLS) will reach new heights registering 209,500 and 202,000 units this year and next respectively.
  • Hamilton, Sudbury and London will be the hottest Resale Homes markets, with price gains above the provincial average.
  • Condominiums will continue to gain popularity not only among younger home buyers, but also in the 65+ age group.
  • Renovation spending will continue to grow strongly, exceeding 19 billion dollars this year and 20 billion dollars in 2008.
  • Home Starts will moderate in 2007 and 2008. Multiple family home starts will remain stable over this period, offsetting weakness in the pricier detached home category.
  • Ontario economic growth will lag behind the Canadian average this year, but will move closer to potential by 2008.
  • Despite the recent increases, Mortgage Rates remain close to 50 year lows and the cost of borrowing has remained a positive factor driving very strong demand for Home Ownership.
  • Moderate inflation and a strong Canadian dollar, will help keep mortgage rates flat over the remainder of this year.

There is an abundance of good data in CMHC's Housing Market Outlook reports! Click on the links below to view full reports in PDF format:

Hottest Resale Homes Submarkets in The Greater Toronto Area

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