According to the Canada Mortgage and Housing Corporation, housing activity in Ontario is expected to continue to increase through the rest of 2015 before slowing down next year.
“An improving economy will be more supportive of the Ontario housing market in 2015 than it has been in the recent past,” said the Ontario Regional Economist for the Canada Mortgage and Housing Corporation, Ted Tsiakoloulos. “However, as mortgage carrying costs continue to grow, particularly for single family homes, demand will increasingly shift to more affordable housing.”
Annual home starts in the province is projected at between 56,800 and 64,200 units for this year, and between 54,500 to 63,600 units next year.
Resale markets neighbouring the Greater Toronto Area are expected to see stronger demand, while a stronger preference for higher density dwellings are also expected.