Ottawa Housing Market to Remain Resilient in 2010

OTTAWA , Nov. 19 /CNW/ - Ottawa's housing market will remain healthy next year as sales increase and housing starts rebound, according to Sandra Pérez Torres, CMHC's Senior Market Analyst for Ottawa . CMHC released its latest forecast for the Ottawa area today at the annual CMHC Ottawa Housing Outlook Conference.

"Once again Ottawa's housing market has shown itself to be resilient in periods of economic slowdown," said Ms. Pérez Torres. "It will be strongly supported by the 5.9 per cent increase in average weekly earnings that will be seen by the end of 2009. This increase remains above other census metropolitan areas in Canada ."

    
    Other highlights of the conference include:

    -  Spill-over demand coming from the existing home market will set the
       foundations for a strong rebound in New Home construction next year,
       with 5,900 new properties to be built.

    -  This year both MLS(R) sales and prices will increase by 2.1 and 3.3
       per cent respectively when compared to the previous year.
    

"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: Sandra Perez Torres, Senior Market Analyst, CMHC, Telephone: [phone], E-mail: [email protected]; Nicole Burgers, Communications and Marketing Consultant, CMHC, Telephone: [phone], E-mail: [email protected]