July 16, 2012:
According to Canada Mortgage and Housing Corporation’s (CMHC) second quarter Canadian housing market outlook, both new and current housing markets are expected to moderate. In this report, the following trends are observed:
- The number of housing starts on the market is expected to be between 182,300 and 220,600 units in 2012 and in the range of 175,100 to 213,500 units for 2013
- Existing home sales expected to be on the market range from 431,200 to 516,100 units in 2012 and between 431,300 and 522,400 units in 2013
- The average MLS price is forecasted to be between $341,100 and $406,700 in 2012 and in the range of $346,000 to $419,900 in 2013. This increase amounts to a 2-3% increase in MLS prices.
These trends are in line with the balanced market conditions which are expected to continue during 2012 and 2013.