Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 02, 2009 12:48 ET

Canada Mortgage and Housing Corporation: Residential Construction Activity to Increase in 2010

VICTORIA, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - Based on forecasts released by the Canada Mortgage and Housing Corporation (CMHC), "The Victoria CMA will experience increases in both resale market transactions and new construction activity in 2010," said Travis Archibald, Senior Market Analyst.

Low mortgage interest rates will continue to stimulate resale demand in 2010. After a turbulent two year period, modest increases in both existing home sales and average home prices are expected in 2010.

Following a slow year for local homebuilders, residential construction activity will edge up 2010. The recent surge in resale activity combined with less supply (fewer homes under construction, and fewer existing and new homes for sale) have pushed home prices higher and will increase the number of new homes breaking ground in Victoria 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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