VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2016) - Housing starts in Vancouver are forecast to remain above their five-year average level in 2016 and 2017, according to Canada Mortgage and Housing Corporation's (CMHC) Spring 2016 Housing Market Outlook report. Housing starts are expected to total between 24,200 to 35,400 units in 2016 and from 21,200 and 23,000 units in 2017, compared to 20,863 units in 2015.
"Homebuilders in Vancouver are expected to start new projects to meet population-based demand and spillover of demand from a listings-constrained resale market," said Robyn Adamache, Principal Market Analyst. "Strong economic and demographic factors combined with active local housing markets will generate demand for new homes and support above average levels of residential construction this year and next," added Adamache.
The number of Multiple Listings Service (MLS®) sales is forecast to be similar to last year's elevated level before returning to a more sustainable pace in 2017. MLS® sales are forecast to remain between 42,000 and 45,000 units in 2016 and dip to between 34,000 and 38,100 units in 2017. The average MLS® price will continue on its upward trajectory in 2016, based on strong first quarter home price growth and a larger share of sales over $1 million.
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 authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.
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Contact Information:
Lisa Ono
604-737-4022
lono@cmhc.ca