Ottawa Housing Market to Set New Records This Year



    OTTAWA, Nov. 22 /CNW/ - Ottawa's housing market will set records for
existing home sales and housing prices this year, while demand for
multi-family housing will increase in 2008, according to Pascal-Yvan
Pelletier, Canada Mortgage and Housing Corporation's (CMHC) Senior
Economist/Market Analyst for the Ottawa Census Metropolitan Area (CMA). CMHC
released its latest forecast for the Ottawa CMA today at the annual CMHC
Housing Outlook Conference.
    "With prices rising in both the new and existing home markets, more
people will opt for less expensive homes like townhouses and condominium
apartments," said Pelletier.

    
    Other highlights of the report include:

      -  Both volumes and prices of existing home sales will reach new highs
         in 2007. At 14,750, sales in 2008 will be second only to the 14,900
         record set this year.

      -  With the resale market tightening up, prices will continue rising
         faster than inflation through 2008.

      -  The trend to urban intensification will continue. Next year will be
         a banner year for condominium apartment construction.
    

    In Ontario, there will be increasing demand for multi-family homes.
"Higher mortgage carrying costs and slower job growth in higher paying
employment sectors in 2008 across Ontario will shift demand towards the less
expensive multi-family home sector, which includes townhomes and apartments,"
said Ted Tsiakopoulos, CMHC's Ontario regional economist. "A tight resale
apartment market combined with a backlog of apartment sales that have yet to
commence construction, will further support activity in the multi-family home
sector," added Tsiakopoulos.

    As Canada's national housing agency, Canada Mortgage and Housing
Corporation (CMHC) draws on over 60 years of experience to help Canadians
access a variety of quality, environmentally sustainable, and affordable
homes-homes that will continue to create vibrant and healthy communities and
cities across the country. For more information, visit www.cmhc.ca or call 
1-800-668-2642.





For further information:

For further information: Media inquiries: Pascal-Yvan Pelletier, Senior
Economist/Market Analyst, Canada Mortgage and Housing Corporation, (613)
748-4502, pascal.pelletier@cmhc.ca; Beth Bailey, Communications and Marketing
Consultant, Canada Mortgage and Housing Corporation, (416) 218-3355


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