Atlantic Canada Housing Market to Slow
(firmenpresse) - HALIFAX, NOVA SCOTIA -- (Marketwire) -- 02/13/12 -- According to Canada Mortgage and Housing Corporation's (CMHC) Atlantic Housing Market Outlook, housing market performance in 2012 will be impacted by the current inventory of apartments under construction.
"Although more favourable financing conditions available in the second half of 2011 continued to support apartment construction last year, the expectation is that activity will slow in 2012. Notwithstanding the decline, the level of construction is forecast to remain historically high," said Alex MacDonald, regional economist, with CMHC's Atlantic Business Centre. "Multiple starts, including apartments, are forecast to decline 15 per cent in 2012," added MacDonald.
Single starts saw improved performance in the second half of 2011, as a result of historically low interest rates, but weak employment and wage growth are expected to dampen the outlook for 2012, with single starts forecast to decline seven per cent.
House prices for the existing market were up close to four per cent in 2011. Prices are forecast to continue to rise, but at a slower pace in 2012, as a continuing increase in supply will keep the level of price increases closer to the rate of inflation. Existing home sales for 2012 are expected to decline moderately, in the two per cent range, after rising two per cent in 2011.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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 or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at .
The Housing Market Outlook, Atlantic Region Highlights report is available on the CMHC Web site:
Atlantic Housing Market Outlook(1)
SOURCE: CMHC Housing Market Outlook, Atlantic Highlights, First Quarter 2012.
(1) The forecasts included in the Housing Market Outlook are based on information available as of January 18th 2012. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.
(2) The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA).(1)
Contacts:
Alex P. MacDonald
Regional Economist
CMHC
(902) 426-8964
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Datum: 13.02.2012 - 13:16 Uhr
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News-ID 113731
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HALIFAX, NOVA SCOTIA
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