February 13, 2012 9:50 PM
Good news for prospective home buyers! According to the Canada Mortgage and Housing Corporation (CMHC), the housing market is expected to remain steady in 2012 and into 2013.
Ok, so a downturn in the market would be better for buyers, but at least it doesn’t indicate a high rise. For further info and more details on specific Canadian cities read the CMHC’s first quarter 2012 Housing Market Outlook. Also, CMHC Market Analysis standard reports are available free for download.
“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,” Mathieu Laberge, Deputy Chief Economist for CMHC, was quoted as saying in a press release.
Surely the idea of consistency will come with a comforting sigh of relief to some who plan to be in the market for a new home in the near future. Hopefully this means no surprises and no need to rush.
Read the full press release on the CMHC website.
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