CMHC Housing Market Outlook for British Columbia in 2013 and 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 15, 2013) - 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 total 27,100 homes in 2013 and 28,600 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 slightly elevated inventories of new, completed and unoccupied units as compared to a year ago. Competition from a well-supplied resale market for condominium apartments has also contributed to this trend," noted Carol Frketich, CMHC's BC Regional Economist.

Existing home sales are forecast to reach 70,100 units in 2013 and 77,000 units in 2014. Existing home prices are forecast to essentially hold steady in 2013 at $518,300, before rising to $523,200 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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