Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 18, 2016 08:15 ET

CMHC Forecasts Moderation in Housing Market Activity for Atlantic Canada

HALIFAX, NOVA SCOTIA--(Marketwired - May 18, 2016) - According to Canada Mortgage and Housing Corporation's (CMHC's) Quarterly Housing Market Outlook, housing starts in Atlantic Canada are expected to decline moderately in 2016 within a range of 7,130 and 7,350 units. Starts will then move up slightly in 2017, being in the range of 7,075 and 7,835 units.

Economic growth will remain stable in 2016 and 2017 in Nova Scotia, New Brunswick and Prince Edward Island. Tourism, shipbuilding and exports will continue to be the primary economic drivers," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre. "As a result of this economic stability, MLS® sales and average prices for existing homes are also forecast to remain flat over this period," added MacDonald.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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MLS® is a registered trademark of the Canadian Real Estate Association.

Additional data is available upon request.

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