A recent report from the Canada Mortgage and Housing Corporation shows the nation's housing markets are expected to remain steady this year and into next year.
The Housing Market Outlook, Canada Edition, for the first quarter of 2012 projects that housing starts will reach between 164,000 and 212,700 units this year, with housing starts next year forecasted to range from 168,900 to 219,300 units.
“With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011,” said Mathieu Laberge, deputy chief economist for CMHC.
A separate report from the CMHC found the seasonally adjusted annual rate of housing starts reached 197,900 units in January, which is down from the 199,900 units registered in December. Potential homebuyers in Canada will want to evaluate their financial standings and explore financing options to enhance their chances of securing a home loan with an attractive Canadian mortgage rate.