Housing starts in British Columbia are forecast to total 27,500 homes in 2014 and 27,900 homes in 2015, according to the latest data from Canada Mortgage and Housing Corporation’s (CMHC) Third Quarter Housing Market Outlook British Columbia Highlights.
“While housing demand will be supported by stronger economic and employment growth, total housing starts will remain relatively stable due to a well-supplied resale market and inventory of newly completed and unabsorbed units,” noted Carol Frketich, CMHC’s British Columbia regional economist.
Resale market conditions in the province are projected to remain balanced.
• Existing home sales through the Multiple Listings Service (MLS) are forecast to total 78,200 units in 2014 and 78,700 units in 2015.
• The average home price is forecast at $553,300 in 2014 and $556,500 in 2015.
For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.