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
- Man dies after hit by semiPenticton / S. Okanagan - 1:58 pm
- School zones back in sessionWest Kelowna - 4:45 pm
- Smoke forces evacuationKelowna - 2:30 pm
- Four vehicle crash kills bearKelowna - 2:07 pm
|QHR Technologies Inc||1.27||-0.10|
|Anavex Life Sciences||0.2195||-0.0035|
|Copper Mountain Mining||2.40||-0.26|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.27||-0.02|
“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...
Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...
There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...