CMHC First Quarter 2012 Housing Market Outlook

Housing starts: After an active 2011, multiple starts are expected to moderate while single starts will level off. For 2011, housing starts came in at 193,950 units. Looking ahead, starts are forecast to be 190,000 for 2012 and 193,800 for 2013.

Resales: Sales of existing homes through the Multiple Listing Service® (MLS®)2 are expected to remain stable in 2012 and rise slightly in 2013. For 2011, resales came in slightly
over 456,000 units. Moving forward, 457,300 resales are forecast for 2012 and 468,200 for 2013.

Resale prices: Balanced market conditions are expected in most local markets.The average MLS® price is expected to rise modestly over the forecast horizon. For 2011, the average MLS® price was just above $363,000. 2012 will see a moderate increase to $368,900, while 2013 will see further growth to $379,000.
Cross-Canada Highlights

Eastern Canada: Over the course of 2012, all six Eastern Canadian provinces are expected to see a contraction in housing starts. By 2013, however, modest growth will return to Quebec and Ontario.

Western Canada: All four Western Canadian provinces will see growth
in housing starts in 2012, with Alberta leading the way at 13.2 per cent. In 2013, all western provinces, except Saskatchewan, will see positive growth. In 2013, Saskatchewan’s total starts are expected to contract by 2.7 per cent.

Full Report: http://www.cmhc-schl.gc.ca/odpub/esub/61500/61500_2012_Q01.pdf

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