The Canada Mortgage and Housing Corporation (CMHC), the country’s national housing authority, recently released its Housing Outlook for Canada. According to the CMHC forecast, Canadians can look forward to two more years of a stable real estate market.
Here are some highlights of the forecast for 2012 and 2013:
- MLS® sales are expected to remain stable in Canada in 2012, with over 457,000 homes trading hands this year.
- Sales are expected to rise slightly in 2013, to surpass 468,000 resale units sold.
- Canada’s national housing market will remain in balanced territory, being neither a buyers’ nor a sellers’ market.
- The balanced market is forecast to continue throughout 2012 and in 2013.
- The average MLS price will see a moderate increase from the 2011 national average price just above $363,000, edging up to $368,900 in 2012.
- Further price growth is expected to raise the average to $379,000 in 2013.
- The Bank of Canada has held interest rates at near historic lows for every consecutive rate announcements since September 2010.
- Mortgage rates are expected to remain at near-historic lows, staying flat for most of 2012; then starting to increase moderately either late 2012 or early 2013.
Of course, this forecast only gives you the ‘big picture’ on the national scene. Contact me for information on the housing market in Guelph.