Around Town: British Columbia Housing Starts to Remain Stable in 2016 and 2017
Housing starts in British Columbia are forecast to remain relatively stable, ranging between 25,500 to 34,100 units in 2016 with a point forecast of 30,800 units, according to Canada Mortgage and Housing Corporation’s Housing Market Outlook report. In 2017, housing starts are forecast to range between 24,300 and 35,500 units, with a point forecast of 29,900 units.
“Demand for new homes in the province will be supported by employment, population growth and low mortgage interest rates,” said Carol Frketich, CMHC’s Regional Economist. “Multiple-family homes will account for about two-thirds of housing starts,” noted Frketich. “Some moderation in demand for new single-detached homes is expected as mortgage interest rates rise later in the forecast period,” she added.
Prices are expected to rise in most British Columbia housing markets as resale markets are forecast to remain active and sellers’ resale market conditions are expected to prevail. Multiple Listings Service (MLS®) sales are expected to range from 82,300 to 102,700 transactions in 2016.
For more information, call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.
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