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After positive first quarter report, Canada Mortgage and Housing Corporation now forecasting housing prices will stabilize
The hot housing market is expected to stabilize over the next two years with prices, sales, and new construction leveling out. Regional Economist for Canada Mortgage and Housing Corporation Ted Tsiakopolous says the first-quarter 2012 report to underplay fears of a sharp correct that would see prices plummet in hot spots like Toronto. The CHMC expects the average house price in Canada to hit almost $369,000 in 2012 and reach $379,000 in 2013.
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