Toronto Housing Market to Balance in 2010
Toronto’s housing market will remain healthy next year as sales stabilize and housing starts rebound, according to Shaun Hildebrand, CMHC’s Senior Market Analyst for the Greater Toronto Area. CMHC released its latest forecast for the GTA today at the annual CMHC Toronto Housing Outlook Conference.
“It is encouraging to see how resilient the housing market has been in this difficult economic environment. This year has proven that homeownership remains a top priority among households across the GTA. The strong rebound in housing market activity will continue to support the economic recovery, which will promote a healthy housing market in the years to come,” said Shaun Hildebrand, CMHC’s Senior Market Analyst for the GTA.
While overall demand for homeownership is expected to moderate next year, households with stable employment will continue to take advantage of improved affordability conditions compared to 2007 and 2008. Steady housing demand will result in increased housing starts next year.