CMHC Housing Market Outlook for British Columbia in 2013 and 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 25, 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 total 27,100 homes in 2013 and 28,500 homes in 2014.

"Single-detached housing starts are forecast to increase this year and next. Multiple-family construction levels are expected to moderate in 2013, reflecting lower existing home prices and slightly elevated inventories of new, completed and unoccupied units, compared to a year ago," noted Carol Frketich, CMHC's BC Regional Economist.

Existing home sales are forecast to reach 69,300 units in 2013, up from 67,637 sales in 2012, and 77,000 units in 2014. Compared to an average MLS®¹ price of $514,836 in 2012, existing home prices are forecast to essentially hold steady in 2013 at $511,400, before rising to $520,700 in 2014.

Detailed CMHC housing market forecasts for the Vancouver, Abbotsford-Mission, Victoria and Kelowna CMAs are available in the CMA Fall Housing Market Outlook reports. In addition, forecasts for 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 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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¹ MLS® is a registered trademark of the Canadian Real Estate Association (CREA).

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