Canadian Housing Market – Starts to slow, resales stable in 2013
Housing starts: So far in 2012, housing starts have been driven by sustained strength in multiple starts, while single starts have stabilized. A few, large, multi-unit projects are driving the increase in 2012, reflecting a high level of pre-sales in late 2010 and early 2011. Fewer pre-sales in 2012 will lead to fewer multiple starts in 2013. Combined with a stable outlook for single starts, declining multiples will lead to a decline in total starts in 2013, to 193,600 units.
Resales: Sales of existing homes through the Multiple Listing ServiceÂ® (MLSÂ®) have moderated so far in 2012. Going forward, existing home sales are expected to remain relatively stable. MLSÂ® sales in 2012 are expected to total 457,400 before rising modestly to 461,500 in 2013.
Resale prices: Consistent with a relatively stable outlook for sales, the existing home market will remain in balanced conditions in the latter part of 2012 and in 2013. As a result, the average MLSÂ® price should grow at a rate close to inflation, or slightly below.
If you have any real estate questions or if you are thinking of buying or selling your home, please contactÂ James Louie Chung, Greater Vancouver REALTORÂ® â€” Real Estate AgentÂ atÂ [email protected]Â or call / text ( 6 0 4 ) 7 1 9 â€” 6 3 2 8 today!