Calgary Housing Market Moderating



    CALGARY, Nov. 15 /CNW/ - Canada Mortgage and Housing Corporation (CMHC)
will host their annual Alberta Housing Outlook Conference today in the
Palomino Room of the Roundup Centre. This sold-out event brings together over
600 housing experts, speakers and conference participants to discuss the
economic, demographic and financial factors that will impact Alberta's housing
markets over the next year.
    Today's conference features experts from CMHC who will highlight topics
such as global economic trends, Canada's mortgage industry, and Alberta's
major housing markets; namely Calgary, Edmonton, Red Deer, Lethbridge and
Medicine Hat.
    "Weaker single-detached construction will decrease total housing starts
in Alberta this year and next," noted Richard Corriveau, Regional Economist
for CMHC. "The recent escalation in production costs will be a dominant factor
pushing housing starts lower, though weaker net migration and a strong rebound
in active resale listings will also inhibit construction," he added. "Total
housing starts are forecast to fall 12 per cent in 2008, reaching 42,250
units. While this represents the lowest performance in three years, Alberta
will maintain its lead in housing starts per capita across the country," noted
Corriveau.
    "Housing market conditions have changed in the Edmonton Region since the
spring of 2007 and builders will be adjusting their output accordingly," said
Richard Goatcher, Senior Market Analyst in Edmonton. "Despite a continued
strong economy which has generated tens of thousands of new jobs, lower levels
of net migration into the province this year combined with soaring new house
prices has undermined demand for new homes. In addition, resale inventories
have climbed to record levels during the summer months, putting an end to
accelerating prices and creating a market balance which favors the buyer,"
said Goatcher. "This is true also of Calgary, where the housing market is
moderating," according to Lai Sing Louie, Senior Market Analyst in Calgary.
    This year's conference will also feature Alberta builders involved in
CMHC's EQuilibrium housing initiative. The goal of this initiative is to bring
the private and public sectors together to develop homes that are highly
energy-efficient; have low environmental impact; provide healthy indoor living
for their occupants; and produce as much energy as they consume on a yearly
basis.

    As Canada's national housing agency, Canada Mortgage and Housing
Corporation (CMHC) draws on over 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 further information:

For further information: visit www.cmhc.ca or call 1-800-668-2642; Media
inquiries: Carol Mulley, Marketing Principal, CMHC, (403) 515-2997, (403)
585-9317 - Cell

Organization Profile

CANADA MORTGAGE AND HOUSING CORPORATION (CMHC), PRAIRIES REGION

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