CTV News.ca Staff
Housing starts are expected to remain steady in Canada for the rest of this year and through 2012, the Canada Mortgage and Housing Corporation said Wednesday.
The CMHC’s Housing Market Outlook report for the third quarter projected that Canada’s new home construction starts will slow slightly, but then remain steady for some time.
“Housing starts have been strong in the last few months, but are forecast to moderate closer in line with demographic fundamentals,” said Mathieu Laberge, Deputy Chief Economist for CMHC.
“Despite recent financial uncertainty, factors such as employment, immigration and mortgage rates remain supportive of the Canadian housing sector.”
The CMHC report projects that there will be 183,200 new units constructed in 2011.
In 2012, housing starts will hit 183,900 units, the CMHC estimates.
The housing market is being driven, the report said, by factors such as historically low mortgage rates, employment and income growth, and immigration.
When it came to the number of homes sold through the Multiple Listing Service, the CMHC said there was a decline in the second quarter of this year, but sales are expected to remain steady through the rest of 2011.
“MLS sales are expected to increase modestly in 2012. Overall, 446,700 sales are forecasted in 2011, followed by 458,000 in 2012,” the report states.
Resale prices are expected to plateau for the remainder of 2011 after increasing earlier in the year due to a rise in the number of high-end homes being sold.
The average MLS sale price is projected to be $367,500 for 2011, increasing modestly to $372,400 in 2012.
Housing Start expected to remain steady
CTV News.ca Staff
Leave a Replay
About Sky Financial
We incorporated The Mortgage Centre-Sky Financial Corp. in August 1992 in Edmonton Alberta. Furthermore we opened offices in Fort McMurray, Cold Lake, Grande Prairie, Red Deer, Stettler, Saskatoon, Moose Jaw and Prince George BC.