Privacy  
CanEquity Mortgage Canada
Canadian mortgage rates,
mortgage calculator & news.

Canadian Mortgage News

May 2009 National News Archive

 

Related Links:
National Archive
2009 Archive
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009


CanEquity Mortgage News RSS 2.0 Feed

CanEquity Mortgage News Atom Feed

About RSS and Atom Feeds

Portable Document Format Printable Version Page d'accueil franšais

Housing Activity Will Moderate in 2009, Improve in 2010

OTTAWA, Ontario, May 19, 2009 — Housing starts are expected to decline to 141,900 for 2009, but increase to 150,300 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) second quarter Housing Market Outlook, Canada Edition* report.

“The decline in housing starts in 2009 can be attributed to several factors, including the current economic climate, increased competition from the existing home market, and the impact of strong house price growth between 2002 and 2007” said Bob Dugan, Chief Economist for CMHC. “However, housing market activity will begin to strengthen in 2010 as the Canadian economy recovers, bringing housing starts more in line with demographic fundamentals over the forecast period”.

Existing home sales, as measured by the Multiple Listing Service (MLS®)1, are expected to decline to 357,800 units in 2009 from 433,990 in 2008, but increase to 386,100 units in 2010. The average MLS® price is also expected to decrease to $283,100 in 2009 and to stabilize in 2010.

As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

* The forecasts included in the Housing Market Outlook are based on information available as of April 30, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.

1 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA). Data are for 10 provinces.

Information on this release:

Kristen Scheel
CMHC
Media Relations
Tel.: 613-748-2799
kscheel@cmhc-schl.gc.ca

National Housing Outlook

Key Housing Market Indicators

2008
Actual
2009
Forecasts
2010
Forecasts
Total housing starts (units) 211,056 141,900 150,300
Forecast Ranges 125,000 – 160,000 130,000 – 180,000
Total single-detached houses 93,202 62,400 68,000
Forecast Ranges 53,800 – 71,000 60,500 – 81,200
Total multiple housing units 117,854 79,500 82,300
Forecast Ranges 71,200 – 89,000 69,500 – 98,800
Total MLS® sales1 433,990 357,800 386,100
Forecast Ranges 320,000 – 380,000 350,000 – 430,000
Average MLS® selling price ($) 303,607 283,100 283,100
Forecast Ranges $270,000 – $295,000 $270,000 – $300,000

Provincial Housing Outlook

Total Housing Starts

2008
Actual
2009
Forecasts
2010
Forecasts
Newfoundland and Labrador 3,261 2,675 2,975
Prince Edward Island 712 575 625
Nova Scotia 3,982 3,100 3,425
New Brunswick 4,274 3,475 3,650
Quebec 47,901 40,000 41,350
Ontario 75,076 51,325 52,300
Manitoba 5,537 3,950 4,250
Saskatchewan 6,828 3,400 3,850
Alberta 29,164 13,700 16,200
British Columbia 34,321 19,725 21,700

Source: CMHC Housing Market Outlook, Canada Edition, Second Quarter 2009. Totals may not add due to rounding.

News source: Canada Mortgage and Housing Corporation (CMHC)

 

Top of page