Atlantic Canada Housing Market Slows

HALIFAX, NOVA SCOTIA--(Marketwire - June 14, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) second quarter Housing Market Outlook, Atlantic Edition¹, housing activity for both single and multiple housing starts will slow in 2012 by close to ten per cent and a further five per cent in 2013.

"Notwithstanding an expected decline, the level of construction activity is forecast to remain historically high. Multiple starts, including apartments, are forecast to decline 15 per cent in 2012 and a further six per cent in 2013. Weak employment and wage growth are expected to dampen single starts by seven per cent in 2012, with a further decline of three per cent in 2013," said Alex MacDonald, regional economist, with CMHC's Atlantic Business Centre.

Prices are forecast to rise close to three per cent in 2012 as a continuing increase in supply will keep the level of price increases close to the rate of inflation. Existing home sales for 2012 are forecast to decline moderately, in the two per cent range.

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.

MLS^® is a registered trademark of the Canadian Real Estate Association.

(Ce document existe également en français)

Atlantic Housing Market Outlook1
Total Housing Starts			2011 Actual	2012 Forecast
	New Brunswick		3,452	2,950
		Forecast Range		2,600 - 3,300
	Nova Scotia		4,644	4,250
		Forecast Range		3,800 - 4,700
	Prince Edward Island		940	800
		Forecast Range		705 - 895
	Newfoundland and Labrador		3,488	3,200
		Forecast Range		2,850 - 3,550
	Atlantic Region Total		12,524	11,200
		Forecast Range		9,955 - 12,445
Total MLS®Sales2			2011 Actual	2012 Forecast
	New Brunswick		6,599	6,250
		Forecast Range		5,600 - 6,900
	Nova Scotia		10,321	10,450
		Forecast Range		9,600 - 11,300
	Prince Edward Island		1,521	1,375
		Forecast Range		1,250 - 1,500
	Newfoundland and Labrador		4,480	4,250
		Forecast Range		3,900 - 4,600
	Atlantic Region Total		22,921	22,325
		Forecast Range		20,350 - 24,300
Average MLS®Price ($)2			2011 Actual	2012 Forecast
	New Brunswick		$160,545	$162,000
		Forecast Range		159,500 - 164,500
	Nova Scotia		$212,512	$220,000
		Forecast Range		216,000 - 224,000
	Prince Edward Island		$149,617	$155,600
		Forecast Range		152,500 - 158,750
	Newfoundland and Labrador		$251,581	$262,000
		Forecast Range		258,000 - 266,000
	Atlantic Region Total		$201,013	$207,792
		Forecast Range		204,601 - 211,028

SOURCE: CMHC Housing Market Outlook, Atlantic Highlights, Second Quarter 2012.
1	The forecasts included in the Housing Market Outlook are based on information available as of April 27th 2012. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.
2	The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA).[1]