Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 30, 2005 14:09 ET

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

VICTORIA, BRITISH COLUMBIA--(CCNMatthews - June 30, 2005) - The increasing number of people relocating to British Columbia is generating demand for housing and driving new and existing home prices higher, CMHC's regional economist Carol Frketich said today.

Growth in the population is one factor behind the increase in new home construction. The number of housing starts in British Columbia will reach 33,600 units in 2005, the highest level since 1994. "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 7 per cent this year, topping $310,000.

The impact of population growth is being felt around the province. While international migrants tend to locate in the larger urban centres like Vancouver, other Canadians are relocating to a variety of locations around the province. Housing starts and average resale prices are up in most areas of the province.

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.

To view the attached graph please click on the following link: http://www2.ccnmatthews.com/database/fax/2000/0630cmhc.gif

Contact Information

  • Canada Mortgage and Housing Corporation
    Carol Frketich
    BC Regional Economist
    (250) 363-8042 or Cellular: (604) 787-5598
    www.cmhc.ca