Kitchener Housing Market on the Road to Recovery in 2010

KITCHENER, ON, Nov. 10 /CNW/ - Kitchener's housing starts in 2010 are expected to increase from the level recorded in 2009, according to Erica McLerie, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for the Kitchener Census Metropolitan Area (CMA). CMHC released its latest forecast for the Kitchener CMA today at the annual CMHC Housing Outlook Conference.

"We will see a slight increase in demand for housing in the Kitchener CMA next year thanks to the improving economy," said McLerie.

    
    Other highlights of the conference include:

    -   Housing starts in the Kitchener CMA will reach 1,930 this year and
        2,170 in 2010.
    -   A more balanced resale market in 2010 will see price growth near the
        rate of inflation.
    -   Starts of both single-detached and denser forms of housing will
        increase in 2010.
    -   Construction will shift away from single-detached homes to building
        forms which use land more intensively.
    

"We anticipate the gradually improving provincial economy and improved credit and financial market conditions will help stabilize housing activity next year," said Ted Tsiakopoulos, CMHC's Ontario regional economist. "However, less pent-up demand and cautious consumer spending will temper Ontario's housing recovery in 2010."

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

For further information: Media inquiries: Erica McLerie, Market Analyst, Kitchener CMA, Canada Mortgage and Housing Corporation, [phone]; Stephen Derksen, Communications and Marketing Consultant, Canada Mortgage and Housing Corporation, [phone]