GTA Housing Market will remain resilient in 2008

TORONTO, May 15 /CNW/ - The Canada Mortgage and Housing Corporation (CMHC) released its latest Housing Market Outlook report for the Greater Toronto Area today.

    
    Highlights of the report include:

    -   A record number of condominium apartments will start construction in
        the GTA in 2008. In 2009, condominium apartment starts will dip
        slightly to the second highest level on record. Low-rise home
        construction will trend lower.

    -   Sales of existing homes will moderate over the next two years, but
        remain very high from a historic perspective.

    "The high cost of home ownership, particularly for low-rise housing types,
will prompt many households to purchase a condominium apartment," said Jason
Mercer, CMHC's Senior GTA Market Analyst.

    -   The average selling price for existing homes will grow at a more
        moderate pace in 2008 and 2009.

    "Buyers will experience more choice in the existing home market through
the end of next year. Offers will be less aggressive in comparison to the last
two years."

    -   Job creation will remain positive in the GTA, but growth will be
        slow.
    

Across the province, housing demands will generally cool down.

"Demand for modestly priced housing will hold up better as declining employment opportunities in higher paying employment sectors encourage demand for both apartment ownership and rental accommodation," said Ted Tsiakopoulos, CMHC's Ontario regional economist.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1 800 668-2642.

Contacts

Jason Mercer
Market Analyst
CMHC-SCHL
Telephone: (416) 218-3410
E-mail: jmercer@cmhc.ca

Audrey Kim
Communications & Marketing
CMHC-SCHL
Telephone: (416) 218-3448
E-mail: akim@cmhc.ca

Ted Tsiakopoulos
Regional Economist
CMHC - ONTARIO REGION
Telephone: (416) 218-3407
E-mail: ttsiakop@cmhc.ca