Montreal Condo Demand To Remain Strong, According to Report from Genworth Financial Canada



    Average Price Forecast To Reach $200,063 in 2010

    MONTREAL, Jan. 30 /CNW/ - Strong demand will drive steady price increases
in the Montreal condo market through the rest of the decade, according to new
data released today by Genworth Financial Canada, a subsidiary of Genworth
Financial, Inc. (NYSE:  GNW). Genworth's Metropolitan Condominium Outlook report
forecasts Montreal condo price growth to average 4.2 per cent annually from
2007 to 2010.
    "It's a good time for Montreal buyers to realize the dream of
homeownership in the condo market," said Peter Vukanovich, president of
Genworth Financial Canada. "Condo supply has barely kept up with demand and
the sales-to-listing ratio remains high, meaning that a correction is
unlikely. This cycle should continue through to the end of the decade."
    The Metropolitan Condominium Outlook reviewed resale condo markets in
Montreal, Ottawa, Toronto, Calgary, Edmonton and Vancouver based on data from
the Conference Board of Canada. New condo prices were not included. With no
end in sight to the current cycle of strong demand, continued condominium
price growth is expected across all six markets. Montreal's average condo
price will remain the most affordable of the six cities surveyed, rising from
$169,899 in 2006 to $200,063 by 2010.

    

    -------------------------------------------------------------------------
                           Average             Average              Average
                             Condo               Price                Price
                             Price             In 2007              in 2010
    City                   In 2006           (forecast)           (forecast)
    -------------------------------------------------------------------------
    Montreal              $169,899            $177,015             $200,063
    -------------------------------------------------------------------------
    Ottawa                $177,267            $184,772             $206,587
    -------------------------------------------------------------------------
    Toronto               $239,816            $247,303             $280,175
    -------------------------------------------------------------------------
    Calgary               $262,456            $294,681             $335,885
    -------------------------------------------------------------------------
    Edmonton              $180,367            $213,352             $240,875
    -------------------------------------------------------------------------
    Vancouver             $289,344            $307,305             $349,409
    -------------------------------------------------------------------------
    Sources: The Conference Board of Canada; Canada Mortgage and Housing
    Corporation; Canadian Real Estate Association. Note: For Montreal,
    Ottawa, Toronto and Vancouver, resale apartments classified as condos
    were included; for Calgary and Edmonton, data includes condos that are
    single-detached units, semi-detached units, townhouse/row units, and
    apartments that are classified as condos.
    

    The full Metropolitan Condominium Outlook including information on other
major cities and detailed analysis of the Canadian markets is available at
www.genworth.ca.

    About Genworth Financial Canada:
    Genworth Financial Canada, The Homeownership Company, works with lenders,
mortgage brokers, real estate agents and builders to make homeownership more
affordable and accessible throughout Canada. The company combines global
experience in mortgage insurance with technological and service leadership to
deliver innovation to the mortgage marketplace. Additional information about
Genworth Financial Canada is available at www.genworth.ca or through mortgage
lenders.

    About Genworth Financial
    Genworth is a leading insurance holding company, serving the lifestyle
protection, retirement income, investment and mortgage insurance needs of more
than 15 million customers, and has operations in 24 countries. For more
information, visit www.genworth.com.




For further information:

For further information: or to arrange interviews: Anita DiPaolo-Booth,
(905) 287-5394 (office), (416) 570-9982 (cell) or
Anita.DiPaoloBooth@genworth.com


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