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)’s Housing Market Report published today.
“Builders are expected to begin construction on more new homes next year in response to steady housing demand,” noted Carol Frketich, CMHC’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 year”.
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.