Housing Market: Expected Increase

Canada Mortgage and Housing Corporation (CMHC), Canada’s national housing agency, publishes every quarter a report on the housing market outlook. Its last report, published on June 25, reveals encouraging forecasts for housing starts as well as sales of existing homes. Indeed,  “the CMHC expects housing starts to re-gain momentum in the later part of the year and/or into 2014, as employment, economic growth and net migration are forecast to improve over the forecast horizon.” 182,900 housing starts are expected this year and 188,900 in 2014. Regarding the resale market,  “so far in 2013, the average monthly growth rates of MLS sales, new listings and prices have all been increasing” whereas in the last six months of 2012, average monthly declines were observed. According to forecasts, Multiple Listing Service (MLS) existing home sales will amount to 443,400 in 2013 and will then rise to 468,600 in 2014. The average price of a house sold through MLS is estimated at $369,700 in 2013 and $377,300 in 2014. For more information, following this link to read the full report. Prével Urbain