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Sample translations submitted: 1
English to Chinese: 2012 Economic Outlook General field: Bus/Financial Detailed field: Real Estate
Source text - English 2012 Economic Outlook
The number of people leaving Windsor CMA, on a net basis, has begun to decrease, but out migration will still remain a reason why the level of residential construction will be restrained through 2012. New semi-detached housing construction in 2012 will decrease from the levels that were achieved in 2011. Local investment and infrastructure projects will continue to keep Windsor’s unemployment rate below the 10.5% threshold in 2012.
The very slow job growth and growth in wages will provide limited support for demand of existing homes. Stable home prices combined with recent mortgage rate reductions could entice some first time buyers to purchase early in 2012. The net effect, however, will be a modest reduction in sales in 2012.
For most of 2011, sales of existing homes have been growing moderately and have remained quite resilient in the third quarter. Repeat buying will continue to represent a larger share of sales in 2012.
2012 will show a modest increase in the average price forecast for that year. The price range between $300,000 - $400,000 has seen large growth, driven by sales in Lakeshore and Lasalle. This suggests a larger amount of sales have been coming from repeat buyers in these areas.
New semi-detached housing construction in 2012 will decrease from the levels achieved in 2011. New residential construction activity in 2012 will continue at the level established in early 2011. Expected starts will be indicative of a fairly balanced housing market.
Townhouse construction will continue to grow through 2012. People in older age brackets are often attracted to this form of housing, as it offers a better fit to their lifestyle with lower maintenance, recreational facilities and other amenities. The Windsor-Essex Retire Here campaign (retirehere.ca) has brought seniors to the area, as well their finances which support Windsor-Essex and will continue to do so in the future. This campaign will help support the growth in town house construction.
For 2012, the one-year posted mortgage rate is expected to be in the 3.4 to 3.8 per cent range, while the five- year posted mortgage rate is forecast to be within 5.2 to 5.7 per cent.