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
- Targeted shooting in VancouverBC - 6:23 am
- Predator Ridge Fire Hall coming soonVernon / N. Okanagan - 5:00 am
- Vernon Farmer's Market wins top spotVernon / N. Okanagan - 4:50 am
- Lost snowmobiler was full of lifeVernon / N. Okanagan
|QHR Technologies Inc||1.16||-0.03|
|Anavex Life Sciences||0.54||0.00|
|Copper Mountain Mining||2.16||+0.02|
|Sunrise Resources Ltd||0.035||+0.005|
|Mission Ready Services||0.27||-0.005|
How will you pay for this today? Maybe it’s time to change the way you answer this common checkout question.With more payment options than ever, consumers can find easy ways to save money, simpl...
In the razzle dazzle of Hollywood it is hard to find anyone who stands out from the crowd. The fraternity of Actors, Producers, Directors and various other technical guru’s seem to live in a wo...
This past Sunday I drove from Kelowna to Powell River. For those of you who’ve never had to, particularly in winter, it means rising in the wee hours; managing a treacherous journey on the Coqui...