Housing starts in British Columbia are forecast to trend higher during the next two years, reaching their ten-year average in 2012, according to Canada Mortgage and Housing Corporation’s (CMHC’s) Housing Market Outlook published today. Home starts, including single-detached homes and multiple-family homes, are projected to total 26,900 units in 2011 and 29,000 units in 2012.
“A stable existing home market, combined with positive economic factors, support the conclusion that the residential construction outlook will continue to be balanced, providing opportunities for both developers and home buyers,” noted Carol Frketich, CMHC’s BC Regional Economist. “Mortgage loan interest rates which will remain low by historic standards, together with stable employment and strong population growth, will support the resale and new home markets in 2011 and 2012,” she added.
The existing home market is forecast to stabilize in 2011 then strengthen in 2012. Resales are expected to remain in line with job and population growth, approaching 81,000 sales in 2011 and 88,900 sales in 2012, slightly above their ten-year average. The sales to new listings ratio, an indicator of resale home price change, points to balanced market conditions and moderate price movements in 2011.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions.
For more information, and to download CMHC’s housing reports, please visit CMHC’s website at www.cmhc.ca/housingmarketinformation or call 1-800-668-2642.