Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 02, 2009 11:15 ET

Canada Mortgage and Housing Corporation: Lower Mainland Housing Markets Improve

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - According to Canada Mortgage and Housing Corporation (CMHC), Lower Mainland housing markets will continue to improve in 2010. Steady population growth through migration, an improving job market and low mortgage rates will provide support for homeownership demand through 2010.

Home sales will continue at a brisk pace through the remainder of this year and into 2010. More sales combined with fewer active listings will push the average MLS® home price higher next year. "Home prices in most Lower Mainland centres are still below their previous peak. Prices will rise as buyers take advantage of lower prices and favourable mortgage interest rates," said Robyn Adamache, Senior Market Analyst with CMHC.

Home starts will pick up over the next 15 months, but remain below levels recorded in recent years. The upturn in the resale market will contribute to an increase in home starts as builders see demand returning to the market. New and resale home inventories are being absorbed, pushing home prices higher and providing an incentive to start new residential projects.

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.

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Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659
    radamach@cmhc.ca
    www.cmhc.ca