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London Housing Market to Remain Healthy in 2007

London will experience a more balanced resale market, while demand for rental and retirement housing will increase in 2007, according to a report by Canada Mortgage and Housing Corporation (CMHC). CMHC released its latest forecast for the London Census Metropolitan Area (CMA) today at the London Housing Outlook Conference.

"Demographic and economic trends in London will continue to support healthy resale and new home markets in 2007," said Penny Wu, CMHC's Market Analyst for the London area. "Non-traditional housing markets, such as the seniors and empty-nester markets, will experience growth going forward."

Other highlights of the report include:

<<

- The London housing market is maturing. Strong home price gains in the

past couple of years are beginning to erode homeownership

affordability. Home sales and new home absorptions have reached a

plateau. Home price increases are slowing.

- An aging population will drive up demand for homes requiring less

maintenance.

- An influx of young people moving to London will keep demand for

rental and entry-level housing strong.

>>

The outlook for the province will follow similar trends as London. "Ontario's housing cycle is maturing thanks to less stimulative economic and demographic conditions. While home sales are expected to moderate, historically low interest rates and positive consumer sentiment suggests activity will remain above historical averages," said CMHC Ontario Regional Economist Ted Tsiakopoulos.

Delegates attending the Conference also learned that the housing industry, consumers and policy makers will benefit from a new suite of enhanced surveys and analytical reports to be introduced by CMHC's Market Analysis Centre.

CMHC will now cover the secondary rental market, which includes apartment condominiums, single, semi-detached and duplex units in its fall Rental Market Reports for selected centres in Canada. In addition, market participants will now benefit from updates on the rental market twice a year as a new rental market survey will be conducted in April.

A new Renovation Expenditure Survey will also be introduced by CMHC to collect information on this important market in 10 major centres.

As well, over the next year, CMHC will expand its suite of Market Analysis publications to cover Kingston, Peterborough, Barrie, Guelph and Brantford.

To find out more about these and other enhancements to come, visit our website regularly and subscribe to CMHC's Free Market Analysis electronic products at www.cmhc.ca/housingmarketinformation

CMHC's Rental Market Survey reports will be available December 14, 2006. Users may sign up for free electronic subscriptions to the survey reports. Electronic versions will be forwarded directly to subscribers on the day of release.

Alternatively, users may download electronic reports on the day of release. Visit www.cmhc.ca/housingmarketinformation, click on the Statistics and Data menu, then select Rental Market Reports, Major Centres or Provincial Highlights.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. For more information call 1-800-668-2642.

For further information: Media inquiries: Penny Wu, Market Analyst, London CMA, Canada Mortgage and Housing Corporation, (519) 873-2426; Arlene Etchen, Senior Communications Consultant, Canada Mortgage and Housing Corporation, (416) 250-2750, (416) 209-8345 (cell)

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