Housing starts in British Columbia are forecast to increase in 2012 and 2013, according to Canada Mortgage and Housing Corporation’s (CMHC) Housing Market Outlook British Columbia Highlights Report.
“Home builders are expected to gradually ramp up residential construction in response to positive signals from the resale market and economic developments,” explained Carol Frketich, CMHC’s BC Regional Economist.
Housing starts are forecast to increase to 28,500 homes in 2012 and 30,100 homes in 2013. This pick- up in residential construction follows a period of stable home building in 2011. Job creation and population growth will boost single-detached home starts in 2012 and 2013. Multi-family home starts will continue their upward trend.
The resale market is forecast to maintain balanced supply and demand conditions in 2012. A slightly higher sales-to-new listings ratio, reflecting stronger demand for ownership housing, is projected for 2013 alongside an expected modest pick-up in economic growth. Sales of existing homes are forecast to increase to 81,900 MLS®1 transactions in 2012 and 83,900 in 2013. The annual average MLS® price is forecast to moderate slightly to $548,500 in 2012 and increase to $570,400 in 2013.
As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.