Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 29, 2005 15:04 ET

Canada Mortgage and Housing Corporation: Housing Markets Supported By Increased Migration

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 29, 2005) - The increasing number of people relocating to British Columbia is generating demand for housing and driving home prices higher, CMHC's BC regional economist Carol Frketich said today.

"Home owners can expect to see an increase in home equity in 2005 as this migration trend continues, while those in the market for a home will see increased competition," added Frketich. CMHC forecasts the average B.C. resale price will rise more than 10 per cent this year, on top of last year's 11.2 per cent gain.

Net interprovincial migration added 2,665 people to the province during the second quarter of 2005, while net international migration added 10,277 people. New home construction is more closely linked to net interprovincial migration as people relocating from other provinces tend to have a stronger attachment to the housing market. CMHC forecasts rising levels of interprovincial net migration in 2005 and 2006 as job opportunities in the province attract people to British Columbia.

As a result of this migration-driven population growth, the province will continue to see growth in the housing demand and rising house prices this year and next.

To view the graph and table accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CMHC0929.gif

CMHC is Canada's national housing agency. The BC Regional Business Centre produces a variety of reports which highlight trends in the new and resale housing markets.

Contact Information

  • Canada Mortgage and Housing Corporation
    Carol Frketich
    BC Regional Economist
    (604) 737-4067 or Cellular: (604) 787-5598
    www.cmhc.ca