CMHC Housing Market Outlook for British Columbia in 2013 and 2014

VICTORIA, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) First Quarter Housing Market Outlook British Columbia Highlights report, housing starts in British Columbia are forecast to edge higher to 28,800 homes in 2013, from 27,465 starts in 2012, and total 30,100 units in 2014.

"Both single-detached as well as multiple-family construction levels are expected to increase in 2013 alongside a rising number of existing home sales," noted Carol Frketich, CMHC's BC Regional Economist. "However, total housing starts and existing home sales are forecast to remain below their ten-year averages this year."

Provincial resale market conditions are forecast to move from buyers' to balance in 2013, although local market conditions will vary. A larger share of existing home sales outside the Vancouver Census Metropolitan Area is expected to dampen price growth this year. Compared to an average MLS®¹ price of $514,836 in 2012, existing home prices are forecast to essentially hold steady in 2013 at $511,200, before rising to $524,000 in 2014.

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.

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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¹MLS® is a registered trademark of the Canadian Real Estate Association (CREA).