Housing starts turn positive in 2010
HALIFAX, March 2 /CNW/ - According to Canada Mortgage and Housing Corporation's (CMHC's) latest outlook, housing starts will turn positive in Atlantic Canada in 2010. Both singles and multiples will see a recovery in terms of growth as the economy in Atlantic Canada begins to rebound.
"Positive growth is expected in 2010. An improving outlook for private sector investment will provide support for better economic growth and increased housing activity in 2010," said Alex MacDonald, regional economist, with CMHC's Atlantic Business Centre.
Low vacancy rates and demographic trends related to an aging population will also help contribute to a rebound in multiple starts in 2010.
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
Atlantic Housing Market Outlook (1)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total Housing Starts 2009 2010 2011
Actual Forecast Forecast
----------------------------------------------
New Brunswick 3,521 3,590 3,640
Forecast Ranges 3,250-3,850 3,275-3,975
Nova Scotia 3,438 3,690 3,810
Forecast Ranges 3,275-3,975 3,375-4,125
Prince Edward Island 877 645 645
Forecast Ranges 575-700 625-725
Newfoundland and Labrador 3,057 3,075 3,120
Forecast Ranges 2,900-3,275 2,725-3,375
Atlantic Region Total 10,893 11,000 11,215
-------------------------------------------------------------------------
Forecast Ranges 10,000-11,800 10,000-12,200
-------------------------------------------------------------------------
Atlantic Housing Market Outlook (1)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total MLS(R) Sales(2) 2009 2010 2011
Estimate Forecast Forecast
----------------------------------------------
New Brunswick 7,003 7,175 7,350
Forecast Ranges 6,500-7,600 6,500-7,650
Nova Scotia 10,021 10,200 10,400
Forecast Ranges 9,250-10,750 9,350-10,850
Prince Edward Island 1,404 1,425 1,450
Forecast Ranges 1,350-1,575 1,350-1,575
Newfoundland and Labrador 4,416 4,500 4,550
Forecast Ranges 4,000-4,750 4,000-4,750
Atlantic Region Total 22,844 23,300 23,750
-------------------------------------------------------------------------
Forecast Ranges 21,100-24,675 21,200-24,825
-------------------------------------------------------------------------
SOURCE: CMHC Housing Market Outlook, Atlantic Highlights, First Quarter
2010.
(1) The forecasts included in the Housing Market Outlook are based on
information available as of February 16th 2010. Where applicable,
forecast ranges are also presented in order to reflect economic
uncertainty.
(2) The term MLS(R) stands for Multiple Listing Service and is a
registered trademark of the Canadian Real Estate Association (CREA).
(1)
Atlantic Housing Market Outlook(1)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Average MLS(R) Price ($)(2) 2009 2010 2011
Estimate Forecast Forecast
----------------------------------------------
New Brunswick $154,906 $159,000 $163,000
Forecast Ranges 157,500-166,000 160,000-168,000
Nova Scotia $196,690 $201,000 $205,000
Forecast Ranges 198,000-210,000 201,000-212,500
Prince Edward Island $146,044 $150,000 $153,500
Forecast Ranges 148,000-157,500 150,000-160,000
Newfoundland and Labrador $206,374 $225,000 $235,000
Forecast Ranges 220,000-230,000 230,000-240,000
Atlantic Region Total $182,639 $189,583 $194,605
-------------------------------------------------------------------------
Forecast Ranges $186,495-$196,947 $190,653-$200,718
-------------------------------------------------------------------------
SOURCE: CMHC Housing Market Outlook, Atlantic Highlights, First Quarter
2010.
(1) The forecasts included in the Housing Market Outlook are based on
information available as of February 16th. Where applicable, forecast
ranges are also presented in order to reflect economic uncertainty.
(2) The term MLS(R) stands for Multiple Listing Service and is a
registered trademark of the Canadian Real Estate Association (CREA).
(1)
For further information: Alex P. MacDonald, Regional Economist, CMHC, (902) 426-8964, [email protected]; The Housing Market Outlook, Atlantic Region, Highlights report is available on the CMHC Web site: http://www.cmhc-schl.gc.ca
Share this article