OTTAWA, Oct. 30 /CNW Telbec/ - New home construction will moderate from
historically high levels, to reach just under 178,000 units in 2009, a level
that is consistent with demographic fundamentals, according to Canada Mortgage
and Housing Corporation's (CMHC) fourth quarter Housing Market Outlook, Canada
Edition report.
"High employment levels, rising incomes and low mortgage rates have
continued to provide a solid foundation for healthy housing markets this
year," said Bob Dugan, Chief Economist for CMHC. "Housing starts will moderate
to 212,200 units in 2008 and 177,975 units in 2009."
Existing home sales, as measured by the Multiple Listing Service
(MLS(R))(1), which reached a record level of 523,701 sales in 2007, will
moderate in 2008 to 452,225 units. In 2009, MLS(R) sales will move to 433,375
units. Despite a moderation in MLS(R) sales, demand for existing homes will
remain strong by historical standards. With housing markets having become
balanced across Canada, the rate of growth in the average MLS(R) price will
moderate. Average prices will reach $306,500 in 2008 and $306,700 in 2009.
As Canada's national housing agency, Canada Mortgage and Housing
Corporation (CMHC) draws on more than 60 years of experience to help Canadians
access a variety of quality, environmentally sustainable, and affordable homes
- homes that will continue to create vibrant and healthy communities and
cities across the country.
For more information, call 1-800-668-2642.National Housing Outlook
Key Housing Market Indicators
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2007 2008 2009
Actual Forecasts Forecasts
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Total housing starts (units) 228,343 212,188 177,975
Total single-detached houses 118,917 94,263 83,600
Total multiple housing units 109,426 117,925 94,375
Total MLS(R) sales(2) 523,701 452,225 433,375
Average MLS(R) selling price ($) 305,707 306,500 306,700
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Provincial Housing Outlook
Total Housing Starts
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2007 2008 2009
Actual Forecasts Forecasts
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Newfoundland and Labrador 2,649 3,100 2,725
Prince Edward Island 750 700 600
Nova Scotia 4,750 4,300 3,725
New Brunswick 4,242 4,200 3,625
Quebec 48,553 47,940 42,000
Ontario 68,123 74,450 62,000
Manitoba 5,738 5,450 5,200
Saskatchewan 6,007 6,500 4,900
Alberta 48,336 29,750 24,000
British Columbia 39,195 35,800 29,200
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SOURCE: CMHC Housing Market Outlook, Canada Edition, Fourth Quarter 2008.
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(1) The term MLS(R) stands for Multiple Listing Service and is a
registered trademark of the Canadian Real Estate Association (CREA).
(2) The term MLS(R) stands for Multiple Listing Service and is a
registered trademark of the Canadian Real Estate Association (CREA).
Data are for 10 provinces
For further information: Julie Girard, CMHC Media Relations, (613)
748-4684, jgirard@cmhc.ca; This release is also available on the CMHC Web
site: http://www.cmhc-schl.gc.ca
