Canadian Housing Starts Expected To Stabilize While Resales Increase

According to the latest housing starts forecast for the third quarter of 2013, the Canada Mortgage and Housing Corporation predicts that the total housing starts in 2013 will be lower than in 2012 because of moderation during the earlier part of 2013. They expect sable housing starts in 2013 followed by a modest increase in 2014.

“CMHC expects single-detached units and housing units built in the Western provinces to account for a higher share of total housing starts over the forecast horizon,” said the deputy chief economist for the Canada Mortgage and Housing Corporation, Mathieu Laberge.

The modest increase in 2014 is predicted due to the improvements in net migration, employment and economic growth across Canada.

Year-over-year, housing starts in Canada are expected to be between 177,100 and 188,500 this year, from 214,827 last year. Housing starts in 2014 are predicted to be between 165,600 units to 207,600 units.

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