CHMC Presents Revised Forecast For Canada’s Housing Market 2012-2013

This article appeared on DailyMarkets.com on August 19th, 2012 and was written by

Canada Mortgage and Housing Corp presented its latest forecast for Canada Housing market on Tuesday 11th August. The report focuses on market trend and condition for the rest of 2012 and 2013. The CHMC’s outlook for the third quarter of this year proves that the market is cooling all across the country and the slowdown will continue throughout 2012 and 2013.

The forecast is largely based on statistics and data collected and compiled by Canada Real Estate Association CREA.

Mortgage Expert, Marcus Arkan, CEO of Syndicate mortgages has said that CHMC’s report confirms what analysts and economists have been saying ever since new mortgage rules were announced. He said, “Since the very day new mortgage rules were announced, the tabloids are filled with speculations and expectations. Most of experts including CHMC itself were warning about a slowdown. Now with the latest stats and figures before us, CMHC has finally confirmed our worst fears.”

According to CHMC, the slowdown will not create a major economic threat but send the market in a more balanced situation for a year or so. The report indicates that the market has shown sustained activity levels for the first two quarters of this year. Due to this sustained growth, there will be a definite slowdown in price growth.

Mr. Arkan highlighted how the latest forecast is slightly different than what CHMC has predicted in June. “The point forecast regarding housing starts in the latest report is higher than what has been predicted in June and the range is slightly wider. This may be because the data and stats from July have provided a far more clear idea of where the market is heading now.”

For 2012, CHMC’s numbers predict that the range of housing starts will remain 96,800 to 217,000, with a point forecast of 207,200 units. For the next year, starts are expected to be in the range of 73,000 to 207,400 units. Similarly, existing home sales will also remain within a moderate range of 442,300 to 485,200 units in 2012, with a point forecast of 466,600 units this year. For 2013, these sales are expected to increase up to 487,600 units.

One thing that Mr. Arkan pointed out as the most interesting part of the CHMC’s latest report is the prediction regarding prices for property sales. The report suggests that the slowdown will not lead to price decline. However, the rate of price growth will slow down to some extent.

According to CHMC’s report from last month, the point forecast for average price was $372,700 for 2012 and $383,600 for 2013. Now according to the latest forecast, the average price shall remain lower at $368,000 for 2012 and $377,300 for 2013.

To view CMHC’s market forecasts, reports and analysis click here.

Kamloops Open House Weekend: Sunday, August 19, 2012: Brocklehurst, West End and North and South Kamloops

This Sunday, August 19th, 2012 open houses will be held in Brocklehurst, West End and North and South Kamloops.

Sahali Townhouse for Sale

Sunday, August 19th, 2012: 11:30-1:00: 42-383 Columbia Street West, South Kamloops West End, $289,900

Centrally located townhouse. Close to shopping, recreation, transportation, and schools. Is within walking distance of TRU. Nice open design with lots of natural light. More

Brocklehurst Kamloops Townhouse for Sale

Sunday, August 19th, 2012: 12:30-1:30: 6-800 Valhalla Drive, Brocklehurst, $199,900

Spacious Brock townhouse with 4 bedrooms and 2 bathrooms, 2 car tandem carport and private yard. The 4th bedroom makes a great rec room! More

North Kamloops Home Property for Sale

Sunday, August 19th, 2012: 1:30-3:00: 155 Angus Street, North Kamloops, $269,900

Nicely updated 3 bedroom, 1 bathroom bungalow. This home features hard wood floors throughout the main floor, updated bathroom with tile, windows, More

South Kamloops West End Property for SaleSunday, August 19th, 2012: 1:30-3:00: 134 Clarke Street, South Kamloops West End, $409,800

Great family home in a quiet west end neighbourhood. Very bright and inviting with 3 bedrooms and 2 bathrooms, huge family room and living room. This home has been kept immaculate and is very well maintained. more

To view all homes for sale in Kamloops click here.

Kamloops Home For Sale: 8753 Veteran Road, Vinsula, B.C. $649,900

Kamloops Acreage Property Vinsula McLure5.1 acre riverfront property only 20 minutes from Kamloops. Approx. 3 acres of fields for horses/livestock and property is fully fenced. There is a detached workshop (20×24), animals shelters and a covered RV or boat parking shelter. The home is 1,700 sq ft with beautiful river views. There is a 2 car attached garage with a new wood stove. The home features granite countertops, stainless steel appliances, wood stove in the living room that heats the whole home in the winter, 3 bedrooms, 1 bathroom, main floor laundry, updated flooring, and new hot water tank (June 2012). There is approx 465 ft of riverfront. The property is like a park with many mature trees including fruit trees. There are 2 covered decks. 30 minutes from Sun Peaks, 20 from Heffley Lake Resort. Located on school bus route (Heffley Elementary only 10 minutes away). There may be subdivision potential. Day before notice appreciated for showings.

To view all homes for sale in Kamloops click here.

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