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Ontario housing market to climb in 2015, slow in 2016

DCN News Service

TORONTO—Ontario’s housing market will continue with momentum going into 2015 before slowing down in 2016, according to Canada Mortgage and Housing Corporation’s (CMHC) Fourth Quarter 2014 CMHC Housing Market Outlook — Canada Edition.

Home starts in the province are projected to grow to  63,000 units in 2015 and slow down to 60,400 units in 2016.

"An improving economy will be more supportive of the Ontario housing market in 2015. However, as mortgage carrying costs continue to grow, due largely to rising home prices, demand will increasingly shift to more affordable housing by 2016," said Ted Tsiakopoulos, CMHC’s Ontario Regional Economist. "Neighbouring resale markets surrounding the GTA, higher density dwellings and rental over ownership tenure will benefit most from the continued shift in buying patterns."

Current Ontario home sales will gradually lead the market higher with MLS sales growing to 210,500 units in 2015 before dipping to 202,700 units in 2016.

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