Housing market on a upward trend

 The resale market and new construction activity in Sudbury will be buoyed by vibrant employment growth in 2012 and again in 2013, according to Canada Mortgage and Housing Corporation’s (CMHC) Spring Housing Market Outlook report for the Sudbury Census Metropolitan Area (CMA).

“Significant expenditures in mining infrastructure combined with a host of other construction projects will be key to increasing employment numbers that will support the housing industry on all fronts,” Warren Philp, CMHC Northern Ontario Market Analyst, said in a press release. “After a solid year in 2011, MLS sales are expected to increase nearly eight per cent reaching 2,700 units in 2012 and 2,800 units in 2013. Average MLS prices should climb 5.5 per cent this year and a further 2.5 per cent next year.”

Single-detached housing starts are forecast to grow three per cent to 330 units in 2012 and 370 units in 2013. Starts of semi-detached, row and apartment starts will subside only slightly to 240 units from the lofty 274 units last year.

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions.

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 informed decisions.

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