At this year's conference, entitled 'Profiling Toronto's Echo Boomer', CMHC market analysts explained how the Echo Boomer demographic will influence homebuying trends in Toronto and provided an in-depth housing market forecast for 2014.
"Housing markets in Toronto next year will look quite similar to what we're seeing this year. Existing home sales will be up modestly while housing starts will ease," said Ed Heese. "Rental vacancies will remain relatively low, but the rate of increase in rents will slow.
Highlights from today's conference include:
- Total housing starts will ease in 2014 with activity shifting to semi-detached and row homes from single-detached homes and apartments.
- Gradually rising mortgage rates will keep existing home sales growth modest.
- Rising home values will keep more people in rental housing, but additional condo rentals will keep rental supply in balance with demand.
- After lagging in 2013, income growth will match broadly based employment growth.
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