New Brunswick Housing to Rebound in 2010

MONCTON, NB, Nov. 2 /CNW/ - Total housing starts in New Brunswick are expected to see a moderate rebound to 3,525 units in 2010 following a decline to 3,400 units in 2009, according to Canada Mortgage and Housing Corporation's (CMHC) Housing Market Outlook released today.

"Following an expected reduction in MLS(R) sales and residential construction throughout 2009, a moderate increase in activity is expected next year in New Brunswick," said Claude Gautreau, CMHC's senior market analyst for New Brunswick. Although housing activity has diminished in 2009, economic fundamentals in the province remain strong, highlighted by historically high employment levels. These conditions are expected to persist over the forecast period.

In New Brunswick's three large urban areas - Saint John, Moncton and Fredericton - residential starts will trail last year's pace to the end of the year, followed by a moderate rebound in 2010. The existing home market is expected to follow the same general trend with stronger price growth next year and increased sales.

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

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                               Forecast Summary
                                  Fall 2009
    -------------------------------------------------------------------------
                     2006     2007     2008    2009f   % chg    2010f  % chg
    -------------------------------------------------------------------------

                                 Moncton CMA

    -------------------------------------------------------------------------
    Resale Market
    -------------------------------------------------------------------------
    MLS(R) Sales    2,561    2,849    2,663    2,225   -16.4    2,300    3.4
    -------------------------------------------------------------------------
    MLS(R) Average
     Price ($)    128,547  140,032  143,173  149,500     4.4  155,500    4.0
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    New Home Market
    -------------------------------------------------------------------------
    Starts:
      Single-
       Detached       593      655      566      410   -27.6      425    3.7
    -------------------------------------------------------------------------
      Multiples       823      770      793      560   -29.4      610    8.9
    -------------------------------------------------------------------------
      Starts -
       Total        1,416    1,425    1,359      970   -28.6    1,035    6.7
    -------------------------------------------------------------------------

                               Saint John CMA

    -------------------------------------------------------------------------
    Resale Market
    -------------------------------------------------------------------------
    MLS(R) Sales    1,852    2,253    2,166    1,750   -19.2    1,650   -5.7
    -------------------------------------------------------------------------
    MLS(R) Average
     Price ($)    128,202  140,544  158,117  168,500     6.6  172,000    2.1
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    New Home Market
    -------------------------------------------------------------------------
    Starts:
      Single-
       Detached       363      412      488      400   -18.0      400    0.0
    -------------------------------------------------------------------------
      Multiples       202      275      344      315    -8.4      280  -11.1
    -------------------------------------------------------------------------
      Starts -
       Total          565      687      832      715   -14.1      680   -4.9
    -------------------------------------------------------------------------

                               Fredericton CA

    -------------------------------------------------------------------------
    Resale Market
    -------------------------------------------------------------------------
    MLS(R) Sales    2,120    2,448    2,160    2,075    -3.9    2,150    3.6
    -------------------------------------------------------------------------
    MLS(R) Average
     Price ($)    138,094  141,117  152,268  159,000     4.4  166,500    4.7
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    New Home Market
    -------------------------------------------------------------------------
    Starts:
      Single-
       Detached       387      432      475      375   -21.1      385    2.7
    -------------------------------------------------------------------------
      Multiples       323      204      223      330    48.0      285  -13.6
    -------------------------------------------------------------------------
      Starts -
       Total          710      636      698      705     1.0      670   -5.0
    -------------------------------------------------------------------------

    MLS(R) is a registered trademark of the Canadian Real Estate Association
    (CREA).

    Source: CMHC (Starts and Completions Survey, Market Absorption Survey),
    adapted from Statistics Canada (CANSIM), CREA,

    Statistics Canada (CANSIM)
    

SOURCE Canada Mortgage and Housing Corporation

For further information: For further information: Claude Gautreau, CMHC Market Analysis Centre, (506) 851-2742, Cell: (506) 866-9002, cgautrea@cmhc.ca


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