Residential Construction and Sales in Halifax Expected to Rebound in 2010

HALIFAX , Nov. 2 /CNW/ - Residential construction and existing home sales levels in Halifax are expected to rebound in 2010 following declines in 2009, according to Canada Mortgage and Housing Corporation's (CMHC's) Housing Market Outlook released today.

"New home construction in Halifax will rebound by 16 per cent in 2010," said Matthew Gilmore , senior market analyst with CMHC's Atlantic Business Centre. "Employment and wage levels have hit new record highs in 2009 while interest rates have been historically low. These factors will be supportive of growth in the industry in 2010," Gilmore said.

Apartment-style construction will outpace other styles with 800 units expected to start in 2010 - an increase of 33 per cent.

Existing home sales will rebound by over six per cent in 2010. The average price of an existing home is expected to climb by 2.5 per cent reaching $243,500 next year.

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.

For more information, visit www.cmhc.ca or call 1 800 668-2642.

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For further information: Matthew Gilmore, Senior Market Analyst, Canada Mortgage and Housing Corporation, [phone], [email protected]