TORONTO, Nov. 8 /CNW/ - GTA homebuyers will remain confident in their
ability to purchase and pay for a home over the long term, according to Jason
Mercer, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst
for the Greater Toronto Area (GTA). CMHC released its latest forecast for the
GTA today at the annual CMHC Housing Outlook Conference.
"Steady growth in jobs and household earnings coupled with rising but
still historically low borrowing costs will keep consumers upbeat about the
purchase of a home in 2008," according to Mercer.
Other highlights of the report include:
- Strong existing and new home sales will result in average annual
price growth above the rate of inflation.
- Multiple-family home types will account for a greater share of new
home sales and starts.
- Condominium apartment starts will increase strongly next year,
pushing total new home starts higher.
"Rising prices will result in a greater number of home buyers turning
toward less-expensive home types, including condominium apartments," added
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
For further information:
For further information: Media inquiries: Jason Mercer, Senior Market
Analyst, Greater Toronto Area, Canada Mortgage and Housing Corporation, (416)
218-3410; Angelina Ritacco, Communications and Marketing Consultant, Canada
Mortgage and Housing Corporation, (416) 218-3332