British Columbia Housing Market Outlook for 2011
Housing starts in British Columbia will hold steady then gradually rise next year, according to Canada Mortgage and Housing Corporation (CMHC)â€™s Housing Market Report published today.
“Builders are expected to begin construction on more new homes next year in response to steady housing demand,â€ noted Carol Frketich, CMHCâ€™s BC Regional Economist. CMHC is forecasting just under 26,000 total starts for 2011, slightly below their ten-year average. “Favourable mortgage interest rates, job growth and strong migration flows will support housing demand into the new yearâ€.
The number of resales is forecast to rise next year but remain below their ten-year average. Balanced resale market conditions will result in modest annual price growth in 2011, despite a rising trend during the year.
Download British Columbia Housing Market Outlook for 2011 report.