CMHC Housing Market Outlook for Vancouver and Abbotsford-Mission in 2013 and 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 25, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring 2013 Housing Market Outlook - Vancouver and Abbotsford-Mission report, housing starts in the Vancouver CMA are forecast to total 18,200 homes in 2013 and 18,700 homes in 2014.

"Housing starts in the Vancouver CMA will hold steady in 2013 and, unlike past years, rental apartment starts will play a bigger role in the growth of multiple-family housing starts," noted Lance Jakubec, CMHC's Vancouver Senior Analyst.

Existing home sales in the Real Estate Board of Greater Vancouver (REBGV) board area are forecast to reach 25,500 units in 2013, almost par with 2012, and 28,000 units in 2014.

For the Abbotsford-Mission CMA, housing starts are forecast to total 500 homes in 2013 and 535 homes in 2014. Existing home sales in the Fraser Valley Real Estate Board (FVREB) area are projected to decline to 12,000 units in 2013 and then rebound to 12,500 units 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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