CMHC British Columbia 2012 Housing Market Outlook – Vancouver Real Estate
Housing starts in British Columbia are forecast to increase in 2012, according to Canada Mortgage and Housing Corporation’s (CMHC) Housing Market Outlook British Columbia Highlights Report. “Population growth, stronger employment growth and favourable mortgage interest rates are expected to support demand for new homes in 2012,” explained Carol Frketich, CMHC’s BC Regional Economist.
Housing starts are forecast to increase to 28,500 homes in 2012 from 26,600 homes projected to get underway this year. This pick-up in residential construction follows a period of stable home building in 2011. Single-detached home starts moved higher in the second and third quarters of 2011, but will remain below their ten-year average level, as competition from a well-supplied existing home market holds back housing starts. Job creation and population growth will boost single-detached home starts in 2012. Multi-family home starts will continue their upward trend during the forecast period.
Resale market conditions in British Columbia will remain balanced. Sales of existing homes are forecast to increase to 81,900 transactions in 2012, from a projected 77,200 transactions in 2011. The annual average MLS price is forecast to be $564,900 in 2012, down one per cent from the 2011 projected price.
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