Windsor Housing Demand Lower in 2011

WINDSOR, ONTARIO--(Marketwire - May 30, 2011) - Activity in the housing market in the Windsor Census Metropolitan Area (CMA) will decline this year followed by some recovery in 2012, according to the latest forecast in the Windsor Housing Market Outlook released today by Canada Mortgage and Housing Corporation (CMHC). Reports are also available for other major metropolitan areas across the country.

Highlights of the Windsor Spring Housing Market Outlook report include:

• The existing home market will remain balanced with prices rising moderately to $162,000 and sales easing to 4,700.

• New home starts will decline by about eight per cent in 2011 before rising in 2012.

• Windsor continues to be the most affordable homeownership market of any major metropolitan area in Southern Ontario.

"Stronger employment levels, income growth and capital investments in the Windsor area will support housing markets this year and next," said Margot Stevenson, CMHC's Windsor Market Analyst.

"Consumer buying patterns, particularly in more expensive southern Ontario markets, will increasingly shift to less expensive housing over the next few years thanks to tighter mortgage market conditions. This bodes well for the apartment ownership and rental sector", said Ted Tsiakopoulos, CMHC's Ontario regional economist.

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 — homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit www.cmhc.ca or call 1 800 668-2642.