CMHC Housing Market Outlook for British Columbia in 2012 and 2013

VICTORIA, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Third quarter Housing Market Outlook British Columbia Highlights Report, housing starts in British Columbia are forecast to increase to 28,500 homes in 2012, from 26,400 starts in 2011, and rise to 30,100 homes in 2013.

"This year, growth will be concentrated in multiple-family housing with a stable level of single-detached starts. Actual housing starts so far in 2012 have been in line with CMHC's forecast. Meanwhile, 2013 will see multiple-family housing starts level off, while single-detached home starts are forecast to rise," explained Carol Frketich, CMHC's BC Regional Economist.

The provincial level resale market is forecast to maintain balanced supply and demand conditions during this year and next, although local market conditions will vary. Sales of existing homes and average resale home prices are forecast to moderate in 2012 and increase in 2013.

CMHC housing market forecasts for the Vancouver, Abbotsford-Mission, Victoria and Kelowna Census Metropolitan Areas as well as the cities of Prince George, Kamloops and Nanaimo are available in the Housing Market Outlook British Columbia Highlights Report.

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

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.

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