Alberta Housing Markets to Recover in 2010

EDMONTON, Nov. 17 /CNW/ - Alberta's housing markets are the topic of discussion at Canada Mortgage and Housing Corporation's (CMHC) 16th annual Edmonton Housing Outlook Conference today at The Shaw Conference Centre. Over 400 housing industry representatives will be on-hand to hear CMHC experts present on economic, demographic, and other factors impacting Alberta's major housing markets in 2010; namely Edmonton, Calgary, Wood Buffalo and Grande Prairie.

"Favourable conditions, including low mortgage rates, have allowed potential homebuyers in Alberta to re-enter the market," noted Lai Sing Louie, CMHC's Regional Economist for the Prairie Region. The second half of 2009 has witnessed production gains from the pace during the first half of the year. CMHC expects this momentum to continue in 2010 with a gain in single-detached construction. "Gains in multi-family construction will likely be held back until the apartment condominium market becomes more balanced," noted Louie. Resale markets in Alberta moved towards balanced conditions during the second quarter of 2009 as improved affordability led to increased demand. "In 2010, look for sales to rise with improved economic conditions and relatively low mortgage rates," Louie added.

"A sustained improvement in single-detached starts combined with a moderate rebound in multiples will lift total starts in the Edmonton CMA by 29 per cent in 2010 from 5,000 to 6,450 units," said Richard Goatcher, CMHC's Senior Market Analyst for Edmonton. Richard Cho, CMHC's Senior Market Analyst for Calgary noted similar expectations for the Calgary market: "Recent improvements in the resale and new home markets are expected to continue into 2010," said Cho.

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. - 30 -

For more information, visit www.cmhc.ca or call 1-800-668-2642.

SOURCE CANADA MORTGAGE AND HOUSING CORPORATION (CMHC), PRAIRIES REGION

For further information: For further information: Media inquiries: Stephanie Barkley, CMP, Marketing Consultant, CMHC, (403) 515-3007, (403) 585-2117 - Cell

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CANADA MORTGAGE AND HOUSING CORPORATION (CMHC), PRAIRIES REGION

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