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
- Racism in SummerlandCentral Okanagan - 11:30 am
- Suspicious fires start againVernon / N. Okanagan - 1:09 pm
- Mail at risk after key theftKelowna - 5:00 am
- Soccer dome scores profitKelowna - 1:17 pm
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...