Canada Mortgage and Housing Corp. released a new forecast this week that was more bullish about Canadian prices, sales and construction than its prior forecast in May. But the national figures meld together very different markets from coast to coast. Here’s a regional breakdown of what CMHC is expecting.
BRITISH COLUMBIA
Overview:
-Housing starts are expected to be relatively constant.
-The construction mix is forecast to shift toward more detached houses and fewer condos as the economy strengthens.
-Stronger economic and job growth should support demand, and resale market conditions are expected to remain balanced.
The numbers:
-CMHC now forecasts 27,500 homes will begin construction this year, followed by 27,900 next year. (It’s revised down this year’s number a tad – in May it was expecting 27,800 starts this year).
-The average price of a home is now expected to be $553,300 this year and $556,500 next. (CMHC revised these numbers up – in May it was expecting $550,400 this year and $552,300 next).
The Globe’s Real Estate Beat offers news and analysis on the Canadian housing market from real estate reporter Tara Perkins. Read more on The Globe’s housing page and follow Tara on Twitter @TaraPerkins.
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