Ontario home sales peaked in the second quarter of 2012 and are expected to stabilize before recovering by second half of 2013 and into 2014.
Modest job growth and tighter mortgage market conditions will dampen demand among first time buyers in immediate term.
Softer price growth combined with an improving job market will support housing demand by 2014.
Owing to economic uncertainty, Ontario sales will range between 177,500 to 213,900 transactions this year and next.
Provide by CMHC