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Housing Activity to Rebound in Second Half of 2009 and in 2010

OTTAWA, Ontario, September 03, 2009 — Housing starts are expected to rebound in the second half of 2009 and will reach 141,900 for the year. Starts will increase to 150,300 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition* report. The overall forecast totals for housing starts remain unchanged from the second quarter release.

"Economic uncertainty and lower levels of employment tempered new housing construction in the first half of this year", said Bob Dugan, Chief Economist for CMHC. "In the second half of 2009 and in 2010, we expect housing markets across Canada to strengthen."

Improving activity on the resale market and lower inventory levels in both the new and existing home markets are expected to prompt builders to increase residential construction.

Existing home sales, as measured by the Multiple Listing Service (MLS®)1, have rebounded strongly since January and will reach 420,700 units in 2009 and remain close to that level at 419,400 units in 2010. The average MLS® price is expected to moderate to $301,400 in 2009 and to increase to $306,300 in 2010.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions.

* The forecasts included in the Housing Market Outlook are based on information available as of July 23, 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:

Charles Sauriol
CMHC Media Relations
613-748-2799
csauriol@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
Total single-detached houses 93,202 68,400 72,450
Total multiple housing units 117,854 73,500 77,850
Total MLS® sales1 433,990 420,700 419,400
Average MLS® selling price ($) 303,607 301,400 306,300

Provincial Housing Outlook

Total Housing Starts

2008
Actual
2009
Forecasts
2010
Forecasts
Newfoundland and Labrador 3,261 2,950 3,000
Prince Edward Island 712 625 640
Nova Scotia 3,982 3,050 3,325
New Brunswick 4,274 3,285 3,500
Quebec 47,901 43,175 41,100
Ontario 75,076 48,675 50,000
Manitoba 5,537 4,000 4,300
Saskatchewan 6,828 3,750 4,150
Alberta 29,164 16,100 18,250
British Columbia 34,321 16,250 22,000

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

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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