August 16, 2013, Ottawa, Ont. – Canada Mortgage and Housing Corporation (CMHC) expects total housing starts to
be lower in 2013 compared to 2012, mostly due to moderation observed in
the first half of 2013. Housing starts are expected to stabilize in the second
half of 2013 before increasing modestly in 2014 as employment, economic growth
and net migration improve, according to CMHC’s third quarter 2013 Housing
Market Outlook, Canada Edition.1
August 16, 2013, Ottawa, Ont. – Canada Mortgage and Housing Corporation (CMHC) expects total housing starts to
be lower in 2013 compared to 2012, mostly due to moderation observed in
the first half of 2013. Housing starts are expected to stabilize in the second
half of 2013 before increasing modestly in 2014 as employment, economic growth
and net migration improve, according to CMHC’s third quarter 2013 Housing
Market Outlook, Canada Edition.1
“CMHC
expects single-detached units and housing units built in the Western provinces
to account for a higher share of total housing starts over the forecast
horizon,” said Mathieu Laberge, Deputy Chief Economist for CMHC.
On
an annual basis, housing starts are expected to range between 177,100 to
188,500 units in 2013, with a point forecast of 182,800 units, down from
214,827 units in 2012. In 2014, housing starts are expected to range from
165,600 to 207,600 units, with a point forecast of 186,600 units.
Multiple
Listing Service® (MLS®2) sales are expected to range
between 431,600 to 466,200 units in 2013, with a point forecast of 448,900
units, about equal with the 453,372 in 2012. In 2014, sales are expected to
range from 437,700 to 497,500 units, with an increase in the point forecast to
467,600 units.
The
average MLS® price is forecast to be between $369,100 and $380,500
in 2013 and between $371,700 and $393,900 in 2014. CMHC’s point forecast for
the average MLS® price calls for a 2.7 per cent gain to
$374,800 in 2013 and a further 2.1 per cent gain to $382,800 in 2014.
As
Canada’s national housing agency, CMHC draws on more than 65 years of
experience to help Canadians access a variety of quality, environmentally
sustainable and affordable housing solutions. CMHC also provides reliable,
impartial and up-to-date housing market reports, analysis and knowledge to
support and assist consumers and the housing industry in making informed
decisions.
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