Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 30, 2011 08:15 ET

Charlottetown Housing Demand to Remain Stable

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - May 30, 2011) - The outlook for the Charlottetown housing market is for demand to remain stable, reports Canada Mortgage and Housing Corporation (CMHC) in its Housing Market Outlook – Charlottetown report which was released today.

"The local housing market has been performing above average since 2002, but is expected to return to more stable levels this year and next," said Jason Beaton, market analyst with CMHC in Prince Edward Island. The most significant factor will be a reduction in multiple unit construction as apartment starts decline from last year's levels. It is expected that single-detached construction in the capital region will remain stable with 250 units in both 2011 and 2012.

"Existing home sales are expected to decline this year and remain close to the ten year average," Beaton said. Expect to see 500 units sold in 2011, down from 611 sales in 2010. Despite the decline in unit sales for 2011, the average sale price will continue to advance at a moderate pace.

As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high 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 informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

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