VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Fourth Quarter Housing Market Outlook British Columbia Highlights report, housing starts in British Columbia are forecast to total 27,900 homes in 2014, up from a projected 26,800 homes in 2013.
"An employment pick up coupled with economic growth next year will support slightly higher levels of new home construction," noted Carol Frketich, CMHC's BC Regional Economist. "Single-detached housing starts are forecast to rise in 2014 while multiple-family housing starts are expected to remain relatively stable."
Existing home sales are forecast to reach 76,800 units in 2014, up from an expected 71,600 units in 2013. Existing home prices are forecast to essentially hold steady at $535,000 in 2014, compared to a projected $531,300 in 2013.
For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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.
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