LONDON, ON, Nov. 3 /CNW/ - After rebounding in 2009, London's existing home market is expected to ease off in 2010, according to David Lan, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for the London Census Metropolitan Area (CMA). CMHC released its latest forecast for the London CMA today at the annual CMHC Housing Outlook Conference.
"Despite easing, the resale market in the London CMA will remain in balanced market territory for both 2009 and 2010," says Lan.
Other highlights of the conference include:
- With the resale market remaining in the balanced territory, price
increases will be relatively subdued. The average price will be up
less than two per cent in 2010.
- Competition from the resale market will result in a relatively weak
recovery in new home construction.
- Intra-provincial migration will remain strong and will continue to
support demand for existing single-detached homes.
"We anticipate the gradually improving provincial economy and improved credit and financial market conditions will help stabilize housing activity next year," said Ted Tsiakopoulos, CMHC's Ontario regional economist. "However, less pent-up demand and cautious consumer spending will temper Ontario's housing recovery in 2010."
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
SOURCE Canada Mortgage and Housing Corporation
For further information: For further information: visit www.cmhc.ca or call 1-800-668-2642; Media inquiries: David Lan, Senior Market Analyst, Canada Mortgage and Housing Corporation, (519) 873-2426; Nicole Burgers, Communications and Marketing Consultant, Canada Mortgage and Housing Corporation, (416) 250-2760