Residential Construction and Sales to Rebound in 2010 in Halifax

HALIFAX, May 19 /CNW/ - Residential construction and existing home sales in Halifax will rebound in 2010 as an economic recovery continues to take hold, according to Canada Mortgage and Housing Corporation's (CMHC's) Housing Market Outlook - Halifax report released today.

"Positive migration patterns, strong employment levels and near record wages will be supportive of housing demand in Halifax in 2010 and 2011," said Tim Andrews, market analyst with CMHC's Atlantic Business Centre. "New home construction in Halifax is expected to rebound by 22 per cent to 2,120 units in 2010 and increase a further 7.5 per cent in 2011. Single-detached starts will climb approximately 14 per cent this year and five per cent in 2011. Multiple starts are forecast to rise 30 per cent in 2010 and another ten per cent in 2011," Andrews said.

"Existing home sales in Halifax are also expected to rebound in 2010 and 2011. MLS(R) sales will grow by almost six per cent in 2010 to 6,200 units and increase a further 2.5 per cent in 2011," Andrews said. "Average home prices will continue to rise, reaching approximately $243,500 in 2010 and $250,000 in 2011," added Andrews.

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: on this release: Tim Andrews, Market Analyst, Canada Mortgage and Housing Corporation, [phone], [email protected]