Canadian Housing Market will remain Stable in 2012: CMHC

2012 will likely continue to attract builders, with housing starts expected to rise 9.4% in 2012 and building on 5.1% gains in 2011 over 2010.

The Canadian housing will likely stay pretty close next year to where it is now in terms of resales, according to CMHC.

According to a statement Friday night by the federal agency, the market has shifted to a more balanced position as listings have increased & prices are expected to remain flat to the end of 2012.

Low mortgage rates, the domestic economy & immigration remain positive factors for the real estate market." These factors will continue to support Canada's housing sector in 2012," said Mathieu Laberge, deputy chief economist for CMHC.

The agency said existing home sales will be come in this year at between 423,600 and 470,100 units, rising only "modestly" to between 406,100 and 509,000 units next year.

The average home price in Canada for 2011 is expected to be $363,900 in 2011 & reach $368,200 in 2012.

For more information on the Real Estate Market forecast for 2012, please call Susan at 416-410-5477.

By Craig Wong found on The Canadian Press & CMHC combined