CMHC's 19th Annual Alberta Housing Outlook Conference
CALGARY, ALBERTA--(Marketwire - Nov. 20, 2012) - Alberta's housing markets will be discussed today at Canada Mortgage and Housing Corporation's (CMHC) annual Calgary Housing Outlook Conference. The event, held at the BMO Centre, attracts over 400 housing industry representatives to hear CMHC experts present on economic, demographic, and other factors impacting Alberta's major housing markets; namely Calgary, Edmonton, Red Deer, Lethbridge and Medicine Hat.
Housing Starts across Alberta are expected to reach 32,400 units in 2012 up from 25,704 in 2011. In 2013, housing starts will moderate to 31,200 units. "While demographic growth and move-up buying will support new home sales, higher monthly carrying costs and a risk of rising inventories will slow the pace of construction," said Lai Sing Louie, CMHC's Regional Economist for the Prairie and Territories Region.
Housing starts in both the Calgary and Edmonton Census Metropolitan Areas (CMAs) are expected to increase in 2012 before moderating slightly in 2013. Calgary housing starts are forecast to increase 33 per cent to 12,400 units in 2012 before moderating slightly to 11,900 units in 2013. "Supported by low mortgage rates, strong job growth, and a sharp increase in net migration, demand for new homes in Calgary will remain elevated over the next two years," said Richard Cho, CMHC's Senior Market Analyst for Calgary. Similar factors for Edmonton will see an expected increase of 29 per cent to 12,000 units in 2012 before moderating to 10,800 units in 2013.
MLS(R) sales in Calgary and Edmonton have picked up and will result in higher sales in 2012. Heightened net migration and strong job creation, coupled with low mortgage rates, will see sales in Calgary increase by 16 per cent in 2012 to 26,000 units, the highest level since 2007. Sales in 2013 will see a modest increase to 26,500 units. In Edmonton, following a six per cent gain in 2012 to 18,000 units, MLS(R) sales are expected to trend upward but at a slower pace next year to 18,400 units.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Charles Daniel Mainville