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Toronto and area market news blog for the popular Toronto website http://www.torontogreathomes.com
Toronto and Canada's housing market will remain stable for at least two more years, predicted Canada Mortgage and Housing Corp., with the expected slow growth in the economy keeping house prices in check. With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing Toronto homes will stay close to levels seen in 2011. Mortgage rates will remain flat through most of 2012, CMHC predicts, and start increasing moderately in late 2012 or early 2013. Housing starts are expected to be around 190,000 units this year and 193,800 units in 2013, the CMHC also predicted. Over 2012, CMHC expects Canada's six eastern provinces will see a contraction in housing starts. By 2013, however, modest growth will return to Quebec andOntario, they say. Around 457,300 existing homes are expected to change hands in 2012, moving a little higher in 2013 to 468,200 units.
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