Markets for both new and existing homes to moderate by the end of 2012: CMHC

OTTAWA – Canada Mortgage and Housing Corp., expects both new and existing home markets to moderate through the end of the year.

The agency’s second-quarter housing market outlook says housing starts on an annual basis will be in the range of 182,300 to 220,600 units this year.

It expects starts for 2013 to range between 175,100 and 213,500 units.

It forecasts that existing home sales will be in the range of 431,200 to 516,100 units this year and expects sales next year to range between 431,300 and 522,400 units.

The outlook suggests the average Multiple Listing Service price will range between $341,100 and $406,700 this year and between $346,000 and $419,900 next year.

It says the moderate increases in the average price, oftwo to three per cent, are consistent with the balanced market conditions that are expected to continue in 2012 and 2013.