November 15, 2011, Market Wire-
KITCHENER, ONTARIO--(Marketwire - Nov. 15, 2011) - Housing demand in Kitchener, Cambridge and Waterloo will remain steady in 2012, despite slower economic growth and uncertainty in global financial markets, according to Erica McLerie, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA). CMHC presented its latest forecast for the local CMA today at the annual CMHC Housing Outlook Seminar.

This year's seminar focused on 'The Numbers behind the Stories'. Market analysts used local CMHC data to answer questions housing-industry professionals hear every day – addressing the housing-related concerns of Kitchener, Cambridge and Waterloo residents.

"The housing markets have stabilized somewhat in 2011 and will continue to be less volatile through 2012," said Erica McLerie, CMHC's Kitchener Senior Market Analyst. "Housing markets in 2012 will be little changed from 2011 levels, as a slowing economy is balanced by low long-term mortgage rates."

Highlights from today's seminar include:
Existing home sales will stabilize at current levels throughout most of 2012. New listings will remain high, the market will be balanced and price growth will be limited.
Housing starts will be little changed in 2012.
Low mortgage rates and population growth will support housing demand.
"Housing demand in Ontario will continue shifting to less expensive, higher density housing in 2012 due to slower economic growth and a diminishing appetite for big ticket spending. This will support demand for resale homes, apartment ownership and rental accommodation," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "However, demand for more expensive single detached housing will hold up better in Northern Ontario and in urban markets bordering the GTA," added Tsiakopoulos

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.