In an economic analysis of Ontario published Monday, Central 1 predicts net migration to the Ottawa area will also soften and keep the unemployment rate hovering around 6.3 per cent.
After starting 2012 at 5.9 per cent, the unemployment rate crept upwards to reach 6.5 per cent in September, according to Statistics Canada.
The company predicts employment will grow 2.4 per cent this year, in line with a comparable increase in the size of the labour force.
Other local economic forecasts contained in the report include:
- Housing sales to drop 3.1 per cent in 2012 and fall a further 1.3 per cent in 2013;
- Housing prices to gain 2.5 per cent in 2012 and increase 0.7 per cent in 2013;
- The number of residential building permits to stagnate in 2012 and drop 3.1 per cent 2013;
- The value of private-sector non-residential building permits to jump 37.9 per cent in 2012 and then plummet 18.1 per cent;
- The value of public-sector non-residential building permits to increase 16.5 per cent in 2012 and climb a further 9.9 per cent in 2013;
- Population to increase one per cent in 2012 and then grow 0.9 per cent in 2013.
For a detailed outlook, register to attend the upcoming Ottawa Economic Forecast luncheon.