Housing Demand in Halifax to Remain Soft

HALIFAX, NOVA SCOTIA--(Marketwired - Oct. 30, 2014) - According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - Halifax report, residential construction in the city is expected to decline in both 2014 and 2015 before rebounding slightly in 2016.

"With little support from current economic and demographic conditions, residential construction activity is expected to remain below its ten-year average of 2,444 units each year of the forecast period," said Guillaume Neault, Senior Market Analyst with CMHC's Atlantic Business Centre.

"Elevated inventory levels of unsold new homes will limit single-detached home starts in 2015 to 500 units and 600 in 2016. However, apartment construction is expected to remain at an above-average pace over the forecast period as an aging population base will continue to generate demand for new units," added Neault.

"The trend established in 2013 in the resale market in Halifax is expected to continue in 2015 and 2016 with 4,650 and 4,700 sales, respectively," said Neault.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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Additional data is available upon request.

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