Solid growth forecast for Toronto, Ottawa Condo markets



    By 2010, average prices to hit $280,175 in Toronto, $206,587 in Ottawa

    TORONTO, Jan. 30 /CNW/ - Strong demand will drive steady price increases
in the Toronto and Ottawa condo markets 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 Toronto condo price growth to average
4 per cent annually and Ottawa condo price growth to average 3.9 per cent
annually from 2007 to 2010.
    "Toronto has seen a record decade of growth and this report shows that
the market remains healthy as demand and supply remain in balance," said Peter
Vukanovich, president Genworth Financial Canada. "Pent-up demand, steady
employment gains and healthy population growth have also helped Ottawa's condo
market to continue to grow. In both cities, a correction is unlikely and this
cycle is forecast to continue through 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. The good
news is that there is no end in sight to the current cycle of strong demand.
This will allow condominium price growth to stay in positive territory across
all six markets. By 2010, Toronto's average condo is forecast to cost
$280,175, while in Ottawa the average condo is forecast to cost $206,587 by
the end of the decade.

    
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                   Average Condo        Average Price        Average Price
    City           Price In 2006      In 2007 (forecast)   in 2010 (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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