CMHC paints rosy picture for 2013
New home construction is expected to increase next year.
That forecast was released Monday by the Canada Mortgage and Housing Corporation.
Not only is new home construction expected to rise in 2013, but sales are also expected to increase.
"Stronger employment growth coupled with low mortgage interest rates will support demand for new and existing homes in 2013," says CMHC Market Analyst, Paul Fabri.
"Lower inventories of new, completed and unoccupied units will also contribute to higher levels of new home construction next year."
Fabri says housing starts are forecast to top the 1,000 mark (1,050) in 2013 compared with 820 homes in 2012.
Both the detached home and multi-family sectors are expected to lead the way.
The uptick in MLA sales in 2012 is also expected to carry over into next year.
Fabri says home prices are expected to stabilize this year and edge higher through the second half of 2013 as demand picks up and the supply of available homes for sale slowly decreases.
Read more Business News
- Naramata wildfirePenticton / S. Okanagan
- Busy day for search and rescueKamloops
- Supertankers: 'pure madness'BC
- Harrowing tale from missing pickerPenticton / S. Okanagan
|QHR Technologies Inc||1.20||0.00|
|Anavex Life Sciences||0.26||+0.03|
|Copper Mountain Mining||2.77||-0.11|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.20||0.00|
Finally, after three months in New Brunswick, I am back home in the sunny Okanagan. It is a delight to be home and the lake, vistas, people and climate never disappoint. Like many people however, I...
My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...
The wealth market faces increasing competition and declining product differentiation. The wealth industry is responding to these emerging trends with “new” and “unique” investm...