The housing market has become important and strategic to policy makers in recent times due to its impact on output fluctuations and inflation. This has affected the size and composition of household wealth, accessibility to credit, Labour productivity, employment and other macroeconomic variables. The boom in the housing sector due to stability of Ghana’s economy cannot be over-emphasized. (The Housing Market in Ghana, BOG (2007). This has led to high property prices particularly in urban centers such as Accra, Tema, Kumasi and Takoradi fueled by a rapidly growing middle-class as well as rapid and uncontrollable urbanization. The housing industry has become one of the critical developmental issues facing policy makers.