Housing market outlook for Canada in Around Town

July 1, 2021

Your Weekly Construction Briefing

The Spring 2021 edition of CMHC’s Housing Market Outlook anticipates emerging trends in Canada’s new home, resale and rental housing markets. It includes a general outlook for all of Canada with highlights for each major city.

The Canada Mortgage and Housing Corporation has released its Spring 20221 Housing Market Outlook, and expects the market to return to its 10-year average in 2023.

Predictions for Victoria include:

  • Resale activities are expected to increase this year and decline by 2023 due to slowly rising borrowing costs.
  • Prices will grow, but at a progressively slower pace over the next three years as competition among buyers tapers off.
  • Housing starts will accelerate in 2021 in response to heightened demand.

Overall, due to the increasingly competitive sellers’ market conditions and to affordability challenges, the momentum in the single-detached segment is not expected to extend past 2021, and multi-family construction will drive housing starts thereafter. Housing starts are expected to align with their 10-year average by 2023.

To read the complete report, visit link: bit.ly/cmhcspring21.

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