According to the Canada Mortgage and Housing Corporation, Canada’s housing market will remain steady in 2015 while moderating in 2016.
“The trend for housing starts has been up in recent months, particularly in multi-unit structures,” said the Chief Economist for the Canada Mortgage and Housing Corporation. “This has been broadly supported by key factors such as employment, disposable income and net migration, which are expected to continue to be supportive of the Canadian housing market over the 2014-2016 forecast horizon.”
He continued, “CMHC’s latest forecast calls for a slight moderation in multi-unit starts during 2015, which will be offset by an increase in single-detached starts. Looking ahead to 2016, expectations are for total starts to moderate as builders focus on reducing their inventories.”
Housing starts in 2014 are expected to be between 186,300 and 191,700 units, while in 2015 housing starts are expected to be in the range of 172,800 and 204,000 units.
In 2016, housing starts are forecast to be between 168,000 and 205,800 units, with resale home sales ranging from 448,000 and 508,000 units. In 2014, the average home selling price is expected to be between $401,600 and $405,400.