CMHC British Columbia Housing Market Outlook for 2015 and 2016

VICTORIA, BRITISH COLUMBIA--(Marketwired - Oct. 30, 2014) - Housing starts in British Columbia are forecast to total 28,300 homes in 2015 and 29,000 homes in 2016 according to the latest outlook from Canada Mortgage and Housing Corporation (CMHC).

"Total housing starts will edge higher as resale market conditions remain balanced and the supply of completed and unabsorbed (unsold) new homes trends lower," noted Carol Frketich, CMHC's BC Regional Economist. "Housing demand will be supported by employment and population growth, but tempered by gradually rising mortgage interest rates."

Resale market conditions in the province are projected to remain balanced:

• Existing home sales through the Multiple Listings Service (MLS^®) are forecast to total 79,200 units in 2015 and 79,300 units in 2016.
• The average home price is forecast at $566,300 in 2015 and $573,000 in 2016.

Detailed CMHC housing market forecasts for the Vancouver, Abbotsford-Mission, Victoria and Kelowna Census Metropolitan Areas (CMAs) are available in the CMA Fall Housing Market Outlook reports. In addition, forecasts for the cities of Prince George, Kamloops and Nanaimo are available in the Fourth Quarter Housing Market Outlook British Columbia Highlights report.

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 http://www.cmhc.ca/housingmarketinformation.

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.

Follow CMHC on Twitter @CMHC_ca

(Ce document existe également en français)