Toronto's housing market will remain stable next year as sales and prices gradually increase from current levels and housing starts hold steady, according to Shaun Hildebrand, CMHC's Senior Market Analyst for the Greater Toronto Area.
"Year-over-year comparisons to 2010 will mask an underlying growth trend that will gain momentum in the second half of next year. The worst of the correction from the run-up in activity in late 2009 and early 2010 is already behind us. Moving forward, homeownership demand will be supported by an improving labour market, a continuation of low borrowing costs and a quickly rising population," said Shaun Hildebrand.
While total sales and housing starts recorded for 2011 will be slightly lower in comparison to 2010, opportunities for growth will continue to present themselves next year.
Toni and George