Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 15, 2008 17:22 ET

Canada Mortgage and Housing Corporation: Fewer New Homes and Sales Expected in 2009

VICTORIA, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - According to the Spring 2008 Victoria Housing Market Outlook released today by Canada Mortgage and Housing Corporation (CMHC), Victoria's housing industry will experience a downtrend in both homebuilding and resale home sales through 2009. "Construction and home sales are anticipated to ease, but will remain in line with historical averages due to stable economic and employment growth and continued migration to the region," said Travis Archibald, Market Analyst. "Both resale and new home prices will increase in moderation."

Highlights:

- More supply on the resale market in 2008 and 2009

- Dip in multiple-family construction expected

- New and resale home prices to rise moderately

- Rental vacancy rates will remain low

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642.

Contact Information

  • Canada Mortgage and Housing Corporation
    Travis Archibald
    Senior Market Analyst
    Cell: (604) 999-7420
    Email: tarchiba@cmhc.ca
    or
    CMHC Victoria
    (250) 363-8040
    (250) 995-2640 (FAX)
    or
    Canada Mortgage and Housing Corporation
    Lee F. King
    Corporate Representative
    (250) 363-8050 (FAX)
    Email: lking@cmhc.ca
    Website: www.cmhc.ca