Renewed Demand for Homeownership



    ST. JOHN'S, Nov. 6 /CNW/ - There will be a renewed demand for
homeownership this year and next, according to Canada Mortgage and Housing
Corporation's (CMHC) Fall Housing Market Outlook - St. John's CMA report.
Housing starts will reach 1,375 units in 2007, with 1,350 units expected next
year. The resale market will experience record levels, with MLS(R) sales
surging to 4,025 units in 2007 and 3,950 units in 2008. The average MLS(R)
house price is forecast at $148,000 and $157,500 for 2007 and 2008,
respectively.
    "Improving in-migration, paired with increased economic activity and
solid labour market performance have renewed the demand for homeownership
within the St. John's region," said Chris Janes, Senior Market Analyst with
CMHC in Newfoundland and Labrador. However, affordability remains an issue for
buyers, as house prices continue their upward trend. "Despite historically
high prices, personal income growth has bolstered consumer confidence, adding
further support to the overall demand for both newly built and existing
homes," added Janes.

    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.

    (Ce document existe également en français.)




For further information:

For further information: Chris Janes, Senior Market Analyst - NL, (709)
772-2403, cjanes@cmhc.ca


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