Canada’s Housing Market Stabilizing

14 February 2012 - Which Way to Pay

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Canada’s Housing Market Stabilizing

According to the Canada Mortgage and Housing Corporation (CMHC), Canada’s housing sector is slowing but the average home price is still expected to rise. The results were expected as higher real estate prices cannot continue at a time when household debt levels have hit record highs.  Mathieu Laberge, deputy chief economist for CMHC said, “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 homes will stay close to levels seen in 2011.” Capital Economics have said that housing prices could drop as much as 25 %.

Canada’s economic recovery was helped by strong demand for housing in 2008 but continued high prices, heavy borrowing surrounding low mortgage rates have left many feeling nervous.

The national housing agency predicted that prices would continue to rise, with the average home in Canada reaching C$368,900 in 2012, up 1.5 % from 2011’s C$363,365. In 2013 the average price is expected to be C$379,000.

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Related Links:
• CMHC
Canada's national housing agency
• Capital Economics
Canada Economics Update
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