CMHC Housing Market Outlook for British Columbia in 2013
VICTORIA, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fourth quarter Housing Market Outlook British Columbia Highlights report, housing starts in British Columbia are forecast to edge higher to 29,100 homes in 2013, from a projected 28,500 starts in 2012.
"In 2013, multiple-family housing starts are forecast to level off, while single-detached home starts are forecast to rise but remain below their ten-year average," explained Carol Frketich, CMHC's BC Regional Economist. "Actual housing starts so far in 2012 have been in line with CMHC's forecast. This year, growth was concentrated in multiple-family housing with a similar level of single-detached starts to 2011."
Provincial resale market conditions are forecast to move from buyers' to balance by mid-2013, although local market conditions will vary. Sales of existing homes are forecast to increase in 2013 alongside improved employment and population growth. However, a shift to lower priced homes and a larger share of sales outside the Vancouver Census Metropolitan Area (CMA) is expected to dampen price growth next year.
CMHC detailed housing market forecasts for the Vancouver, Abbotsford-Mission, Victoria and Kelowna CMAs are available in the CMA Fall Housing Market Outlook reports. In addition, forecasts for the cities of Prince George, Kamloops and Nanaimo are available in the Housing Market Outlook British Columbia Highlights report.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.
For more information, visit www.cmhc.ca or 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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FOR FURTHER INFORMATION PLEASE CONTACT:
Market Analysis Contact:
Carol Frketich, Regional Economist
Cell: (604) 787-5598