CMHC Vancouver 2013 Housing Market Outlook
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall 2012 Housing Market Outlook Vancouver/Abbotsford Report, housing starts in the Vancouver CMA are forecast to remain flat in 2013, following a projected increase in 2012.
"Home builders are expected to maintain a steady level of residential construction, particularly multiple-family projects, in response to stable economic conditions and favourable construction costs," explained Robyn Adamache, CMHC's Senior Market Analyst.
Housing starts in the Vancouver CMA are forecast to total 19,000 homes in 2012 and 19,100 homes in 2013. Homebuyer preference for multiple-family homes such as apartments and town homes rather than single-detached homes will bolster multiple-family home starts over the forecast period. Housing starts in the Abbotsford-Mission CMA are forecast to reach 420 and 480 in 2012 and 2013, respectively.
The resale market in Vancouver is forecast to end 2012 with market conditions favouring buyers but the market is expected to return to balanced territory in 2013 as resale activity picks up. Sales of existing homes are forecast to decline to 28,500 in 2012 before recovering to 30,000 in 2013. Multiple-family residences are forecast to gain market share over single-detached homes based on their relative price. This shift in sales is forecast to dampen growth in the average MLS(R)(1) price, which is forecast to moderate to $733,500 in 2012 and $730,000 in 2013 for the Greater Vancouver Real Estate Board area. The Fraser Valley Real Estate Board area is forecast to exhibit a similar trend, though not as pronounced.
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, and to download CMHC's housing reports, please visit CMHC's website at www.cmhc.ca/housingmarketinformation or call 1-800-668-2642.
(1) MLS(R) is a registered trademark of the Canadian Real Estate Association (CREA)
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FOR FURTHER INFORMATION PLEASE CONTACT:
For further information on Greater Vancouver markets:
Vancouver Senior Market Analyst
For further information on Fraser Valley markets: