Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 15, 2010 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver Housing Market Outlook for 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2010) - According to Canada Mortgage and Housing Corporation's (CMHC) Vancouver Housing Market Outlook Report published today, favourable mortgage rates, strong migration flows and job growth will keep MLS® sales in the Greater Vancouver area stable until mid-2011. Later in 2011, when improvements in the economy and job market gain more traction, sales are forecast to trend higher.

"Balanced market conditions that have been established in recent months will continue over the next nine to twelve months," said CMHC Senior Market Analyst, Robyn Adamache. Fewer new listings coming onto the market, due to modest price growth, and a steady pace of sales will continue to gradually draw down the inventory of resale homes for sale.

The average MLS®1 home price in Greater Vancouver will increase twelve per cent in 2010, with most of this increase already having taken place during the early part of this year. Prices have begun to flatten and this trend will be consolidated moving forward. Look for a three per cent increase in the annual average MLS® price next year.

New home construction will increase in 2011, approaching the ten-year average level as demand for new housing strengthens. "Homebuilding will increase modestly next year as developers seek to add to the stock of housing to accommodate approximately 16,000-18,000 new households each year," added Adamache.

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, and to download CMHC's housing reports, please visit CMHC's website at www.cmhc.ca/housingmarketinformation (click on housing forecasts and analysis) or call 1-800-668-2642.

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1 Mutliple Listing Service (MLS) is a registered certification mark by the Canadian Real Estate Association (CREA)

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