SASKATOON, Feb. 17 /CNW/ - Housing market analysts predict improving economic conditions and positive migration will contribute to rising demand for both new and resale homes in 2010 and 2011. Canada Mortgage and Housing Corporation (CMHC) experts will present their outlooks today at the annual Saskatchewan Housing Outlook Conference. Attendees will hear first-hand about economic, demographic, and other factors that will impact Saskatchewan's housing markets over the next few years.
"In Saskatchewan, a growing economy will allow single-detached and multi-family construction to expand in 2010, but not to the heightened levels experienced in 2007 and 2008," noted Lai Sing Louie, CMHC's Regional Economist for the Prairie Region. "Regina and Saskatoon will contribute to the provincial gain in housing starts, as both markets are facing steady demand," he added.
Slower price gains and low mortgage rates will continue to sustain resale growth in 2010. "With improved affordability and low mortgage rates, sales in Regina and Saskatoon improved significantly in the second half of 2009, and this momentum is expected to continue through the next few years," noted Louie. Despite the modest rise in demand, a healthy supply of active listings across the province will limit resale price growth to the low single-digits each year.
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.
SOURCE CANADA MORTGAGE AND HOUSING CORPORATION (CMHC), PRAIRIES REGION
For further information: For further information: visit www.cmhc.ca or call 1-800-668-2642; Media inquiries: Stephanie Barkley, CMP, Marketing Consultant, CMHC, (403) 515-3007, (403) 585-2117 - Cell