Single starts have started to recover and will continue to trend higher int he second half on 2009
Singe starts will reach 20,150 units this year before stabilizing at 20,625 units in 2010. Multi-family home starts will also trend higher in the remaining months in 2009, reaching 28,525 unit starts, down from just shy of 44,000 units in 2008.
Ontario's existing home sales have staged a remarkable come back this spring when compared to activity in late 2008. The strong pace seen in the second quarter of this year reflects in part, activity that was delayed in the past two quarters, is not likely to be sustained. Level of sales will move back closer in line with improving economic conditions. MLS sales will average 174,000 units this year.
A gradual recovery in Ontario labor markets combines with low mortgage rates will help stabilize existing home sales at 166,750 units in 2010.