The Canada Mortgage and Housing Corporation’s (CMHC) Fall Housing Market Outlook report for the Greater Sudbury Census Metropolitan Areas (CMAs) indicates an improving economy and strong earnings are expected to support housing demand in 2015 leading to growth in both existing home sales and housing starts. This strength will follow a year with weaker results for both MLS® sales and starts.
Balanced market conditions will continue in Greater Sudbury’s resale market in 2015 and 2016 as new listings are expected to keep up with the level of existing home sales, CMHC reports Price growth will decelerate for existing homes over the next two years.
“Housing starts will moderate in 2014 as apartment construction lost its momentum of the previous five years, but will stabilize in next two years,” said CMHC market analyst Jawad Ahmad. “The average price for new homes continues to grow at a faster rate than the existing homes, further widening the price gap between existing and new homes.”