Housing Market Outlook – Provincial Forecast

THINK OUTSIDE THE BOX:  While housing starts and MLS listings appear to have declined nationally, this means there is less ‘product’ which could help stabilize prices from declining further in many areas of Canada.

Based on CMHC’s First Quarter 2013 Housing Market Outlook total housing starts are forecast to decline in 2013 across most of the country. Lower MLS sales are also anticipated for this time period, while the average MLS home price is expected to generally keep pace with the outlook for inflation.

It is expected that improving fundamentals, including employment and economic growth, will help support an increase in housing starts in Ontario and most Western Provinces in 2014, while Quebec and Manitoba will hold steady. However, it is forecasted that the Atlantic Provinces will continue to see lower levels of housing starts. In 2014, MLS sales are expected to stabilize or increase, compared to the previous year, in all regions with the exception of the Atlantic Provinces outside of Nova Scotia.

In British Columbia, both resales and new home construction are forecasted to remain below their ten-year average. However, when compared to last year, the outlook for the province’s housing market in 2013 is expected to experience an increase. This is fueled by better economic prospects compared to the rest of the country.

 Source: CMHC

 

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