CMHC British Columbia Housing Market Outlook 2014 and 2015

CMHC Canadian Mortgage and Housing CorporationVICTORIA, BRITISH COLUMBIA–(Marketwired – Feb. 6, 2014) – According to Canada Mortgage and Housing Corporation’s (CMHC) First Quarter Housing Market Outlook British Columbia Highlights report, housing starts in British Columbia are forecast to total 27,800 homes in 2014 and remain at that level in 2015.

“While the level of housing starts is projected to remain the same on an annual basis this year and next, expect a slight shift toward single-detached housing starts as the economy and labour market gain traction,” noted Carol Frketich, CMHC’s BC Regional Economist. “Single-detached housing starts are forecast to increase this year and next while multiple housing starts are expected to remain relatively unchanged.”

Existing home sales through the Multiple Listings Service (MLS) are forecast to total 76,000 units in 2014 and 77,300 units in 2015. The average home price is forecast at $542,500 in 2014 and $547,100 in 2015. Last year’s upward trend in the average home price is expected to lead to increased new listings in 2014. With the increased supply of existing homes for sale providing more choice to homebuyers, the average home price is forecast to grow at a pace slower than the general rate of inflation.

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