News
January 23, 2012
Condo market heating up
2011 was a bit of a mixed bag for both builders and consumers when it comes to condominiums. Mortgage rates have remained reasonable, the local economy’s stable, and the price of homes has remained ‘corrected’.
Despite all that, though, it wasn’t until the second half of the year – as many experts predicted – that things started to turn around for the better. And, while Canada Mortgage and Housing Corporation (CMHC) did expect an upswing, it’s happened a little quicker than even they thought. Multi-family starts for January to November 2011 hit 3,703 homes — surpassing the CMHC’s prediction of 3,500 — and the number is expected to finish somewhere on the plus side of 4,000 multi-family units started when the final end of the year tally is in.
