THUNDER BAY – Ontario House prices are expected to improve, but at slower rates through 2015 than in 2014. Canada Mortgage and Housing state, “Momentum in the Ontario housing market will be sustained through most of 2015 before slowing next year, according to the First Quarter 2015 CMHC Housing Market Outlook released today.
Ontario annual home starts will grow to 63,200 in 2015 before easing to 60,500 units in 2016. Ontario home starts will range between 54,800 and 68,100 units this year.
“An improving economy will be more supportive of the Ontario housing market in 2015 than it has been in the recent past. However, as home prices continue to grow, particularly for single family homes, demand will increasingly shift to more affordable housing by 2016,” said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.
“Neighbouring resale markets surrounding the GTA, higher density dwellings and rental over ownership tenure will benefit most from the shift in buying patterns,” added Tsiakopoulos.
Ontario existing home sales will gradually lead the market higher with MLS(R) sales growing to 209,700 units in 2015 before slowing to 202,700 units in 2016. MLS(R) sales will range between 188,800 to 220,500 units in 2015.
Ontario home prices will grow at a slower rate over the forecast horizon.