C-M-H-C Predicting a Slow Down in the Housing Market

By Stew Kernan

Canada Mortgage and Housing Corporation’s fourth-quarter outlook predicts the housing market will slow down over the next two years.

Housing starts in Greater Sudbury are expected to finish at 225 units this year, 200 units in 2016 and down to 190 units in 2017.

C-M-H-C market analyst Aris Gianneskis says considering the market, he isn’t surprised by the numbers predicted as builder adjust to the market.

He says the reason for the lower numbers includes an increased inventory of unsold homes and an increase in the supply of rental units.

However, Gaines says slightly lower than average resale prices this year and flat prices in the next two years will help Sudbury remain one of the most affordable housing markets in Ontario.