Global News reports today:
Home Prices in Ontario expected to increase moderately: CMHC
OTTAWA — A report by Canada Mortgage and Housing Corp. says a recent drop in Ontario home prices isn’t expected to persist.
It says moderate economic growth in the Greater Toronto Area and Ontario generally will provide support for provincial real estate prices in 2018 and 2019.
CMHC expects inflation-adjusted home prices in the province will remain relatively stable and close to the levels of last year’s fourth quarter.
It anticipates prospective buyers will face fewer bidding wars and feel less urgency to act, allowing them time for more informed decision making.
On the flip side, CMHC says home owners may see their properties on the market longer than usual.
From Canada Mortgage and Housing Corporation:
“The current Ontario price correction fails to fully resemble historical price bust periods. Home prices are plateauing and are expected to grow along a more sustainable linear path supported by continued economic growth, moderate increases in interest rates and only modest increases in new housing supply.” - Ted Tsiakopoulos, Ontario Regional Economist