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Latest CMHC forecast shows slightly softer housing market but prices going up

By The Canadian Press

OTTAWA - Canada Mortgage and Housing Corp. says the market for existing homes will be softer this year than previously forecast.

The Crown corporation's latest quarterly outlook calls for up to 465,600 units of existing housing to be sold this year.

That's about 20,000 units fewer than the comparable number in CMHC's previous outlook in August.

The mid-point price for sales of pre-existing housing is now anticipated to be $365,100 this year, about $3,000 lower than in the summer quarterly outlook.

The cost of housing is expected to continue to rise next year, but by a smaller amount than previously forecast.

The revised 2013 mid-point price estimate is $370,500 — about $6,800 lower than the previous forecast but $5,400 higher than the revised estimate for 2012.

For next year, CMHC is forecasting up to 489,700 units of existing housing will be sold — about 2,100 more than the previous estimate.