The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

WATERUX) CHRONICLE 0 Wednesday. November 28. 2012 0 15 O , O . Waterloo Region 3 housmg market expected to heat up by end of 201 3 By Boa VitMNM: ' ' up speed as the manufacturing sector ramps - , 7 v_‘5’"0mf’:5m/I _ up to meet that demand for Ontario's goods . and trade starts to increase with our US. ith cranes drilling the sky, espe- neighbours. Wcially in student areas closer to the is" ‘ ' 3 “We're going to see a slow and steady universities in Waterloo. it‘s no housing market," said Heese. “it won't be surprise that apartment construction saw a one that's really fast at one point and then lot of growth in 2012 as more than 2.000 W» ‘ "4 drops next to nothing. and we know that's a new units were added in the city. " good thing. Apartment constmction made up 30 per “As Aesop told us years ago, slow and cent of all new builds in the region last year. steady wins the race." according to the Canada Mortgage and ‘ - ., . ‘ Some ofthe more interesting information Housing Corporation, which presented its . "*‘~Wo&-~ . .m .r ’ ~. that came out of the session was students 2012 Waterloo Region housing outlook at a w 4" . (J were driving the growth in new apartment conference with local builders and real V 53 construction inWaterloo. estate professionals last 'lhursday at Binge» ‘ “a " I ‘. Of the 4,300 new units, half of that gain mans in Kitchener. ‘ r ‘ e/S was due to students. But new apartment construction, like "4 '4 ‘ ,53fi .; “Some will ask. ‘13 2.000 too much?" said new home construction, will slow to start ' 1.5 w . 3} Mcierie. about the demand for new student 2013 said Erica Mclierie. senior market ana- ,' , a, _. > f j housing. “No. and university enrollment lyst with CMHC. who said the good news is ' a; t‘ 4,) guy-1W _‘ .A M ,, grew by more than 1.400 Students at Wilfrid that housing prices will increase by one per 3 a! '1 2*) 1;, jag-1‘ firmiflrt 4 Laurier University and the University of cent over the next year and won't decline «'3‘;- .g {:35 ‘ g ’n'l't‘lii‘i‘gw . ”4% Waterloo.” like some have predicted in other markets v-“ ’ ‘ pr"; mg» «j 1t means the more than 50,000 students like Toronto and Vancouver. . gr; “‘ ‘ enrolled at Waterloo's post-secondary insti. “Sales were stronger in the beginning of I,“ .. .. a f ' . > if“? . , * ff. ~ tutions who are still looking for alternative 2012, but have been trending lower since A I ' A." ' ' . " 3 housing stock. and demand should meet that time." she said. “Sales will be getting V1? ‘ a {,7 " - ' " ' ‘ ‘ supply for 2013, with the region's one per stronger as we move through 2013 and it will W ’ ‘ . .g ‘ cent vacancy rate creeping slightly up in the end above the level that they currently are." H * , - ‘ ’ * ' new year. Those numbers reflect a softening of the {vâ€" ’3" ' g . ,, . c People also pay a premium living closer housing market seen in the second half of 9: . I , ’ . ' _ {*3 to the universities and Conestoga College's 2012 as unemployment numbers leveled off. . “(A A 3 4"» h it“ . * 3.5., ~ " ,} Waterloo campus. CMHC research shows Employment growth is the biggest driver in ' ' ' ” ‘ “a!“ ‘ -â€" '” If: j the average house price within three kilome. home sales. and Mclerie said she expected "W ‘ tree of the universities is higher than homes the housing market to pick up in the second After softening toward the end of 2012. the Canadian Mortgage and Housing Cownion outside that zone, meaning sale prices are half of 2013 as employment conditions said home files should Pkk up 8985" by the end 0' 2013 due to an imPYOVGd K0007"! higher the closer you get to those institu- improve. "mm tions. "Housing demand is a factor of two func- largest economy to replace funding provid~ sion. but Heese said he expects a compro- The other factor that drives housing mar- tions â€"â€" the number of people and their ed by the federal government, which will mise to be struck and some of that brinks- kets is new immigration to the areaand that incomes," said Mclierie. “How do they get make those economic gains more concrete. manship to be neutered as the deadline is predicted to be relatively stable in 2013. as these incomes? That's from employment The US remains Ontario's biggest export approaches. it was the past year. The demographics of and Waterloo Region hasn‘t been immune to market and surprisingly 2012 was a good “Now that there's a mandate. they're tallt- people who are coming to the area is also . what's happened outside of this region.” year for the local manufacturing sector, ing and I think they know the consequences skewing younger, so they aren't prepared to That means the local housing market will Manufacturing still represents 22 per cent of as well as anybody else.” said Heesc. “Our make the move to single family dwellings be balanced for much of the next year as Waterloo Region's economy and it was forecast is based on the expectation that making apartment livingapopularchoice. housing supply is matched by demand. leav» buoyed by an increase in demand for prod- there will be some sort ofcompromise. Low mortgage rates and household ing resale prices relatively flat through 20111. ucts to the U.S. last year. especially in the “it may mean they may move the date growth will also support the housing But employment is expected to pick up in automotive sector. beyond lan. 1 into the first quarter some demand in the region. the second half thanks to an improving As for concems about the impending fis- time. but it will allow the new government. Hcese said that interest rates are projectâ€" economy in a most unexpected place â€"â€" the cal cliff in the U.S.. he predicted saner heads once it takes office. to make definitive decl- ed to remain low for the next five years mak- U.S. would prevail as newly reelected President sions about what they’re going to do By the ing mortgages and the availability of money Ed Heese. an economist with CMHC. said Bamck Obama and the House of Represen- end of the first quarter. we'll see the US. accessible to most homebuyers pan of that optimism is the recovery in the tativc face a Ian. 1 deadline to deal with bil- beginning to grow again and that's when: “Mortgage rates. population growth as US. is finally picking up steam as the private lions of dollars in tax and spending cuts. the real impact will come in Ontario.” well as migration will all combine to support sector is adding stimulus to the world's That could push the (1.5. hack into reces- Home sales and housing starts will pick housingdemand,” said McLerle. . i P’----'----'--"""t . H “on- : : ‘ i l Inn-mutant . . ‘ . . III-mtull: r ' . -~"~- I : ‘ ‘ cumin-um- I . ' - . ‘.=_J' , a no...” : lNSTALLATlON KIT : ‘3 2 ' x .89: .19 ,, $111 c..." 1.61.. a , 2.99.. "Ill-III“! awn-“gut: : “1 kw : FLQQRiNQ Iceman-nuns “UWfiJJROIflm . ' S'MPSONSE nun-utmost stun-sun : : . W VIII-film u. I “OH“ urn-W sumo-mm Ffii El L-----..--__------..I