Ontario's economic growth will remain stable although predicted to lag behind that of the Canadian average. A narrowing of the gap between Eastern and Western Canada should ease the outflow of Ontarians heading west according to the latest quarterly report from Canada Mortgage and Housing Corporation (CMHC).
Other highlights include: new heights in resale housing volumes, faster growth of existing home prices than inflation in the short run and finally continued above historical levels for for Ontario new home
starts.
Ted Tsiakopoulos, CMHC's Ontario Regional Economist says "Higher mortgage carrying costs and slower job growth in higher paying employment sectors in 2008 will shift demand towards the less expensive multi-family home sector. A tight resale apartment market combined with a backlog of apartment sales that have yet to commence will further support activity in the multi-family home sector."
For more information check CMHC's website.
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