Sudbury Housing Market Will Moderate in 2013

OTTAWA, ONTARIO--(Marketwired - June 25, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Housing Market Outlook, Spring 2013 edition for the Greater Sudbury Census Metropolitan Area (CMA), lead by single family homes, total new construction units are expected to drop this year. However, housing starts will recover early in 2014.

"While slow employment growth coupled with higher home prices will limit first-time homebuyer demand of single-detached units, some buyers will be able to substitute into more affordable high-density dwellings. The gradual improvement in job and income growth expected in 2014 should continue to support demand for housing in Sudbury," said Sandra Pérez Torres, CMHC's Senior Market Analyst.

MLS® sales in the Greater Sudbury CMA will moderate further during the rest of 2013 compared to last year but price growth will remain positive, albeit increasing at a slightly slower rate. Balanced market conditions are expected to prevail over the forecast horizon with the modest growth in prices.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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