CMHC Victoria 2012 Housing Market Outlook

VICTORIA, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2011) - According to the Canada Mortgage and Housing Corporation's (CMHC's) Fall Victoria Housing Market Outlook Report released today, the level of new residential construction activity in the Victoria Census Metropolitan Area (CMA) will total 1,700 housing starts in 2011, and edge up to 1,850 housing starts in 2012.

"Numerous multi-family projects are currently flowing through the construction pipeline (this includes the planning and development approvals stages) across the CMA. Multi-family construction activity will remain consistent with the ten-year average for the CMA," said Travis Archibald, CMHC Senior Market Analyst, "while competition from a well-supplied resale market is expected to keep single-detached housing starts below their historical average both this year and next."

After moving into buyers' territory in 2011, balanced resale market conditions are expected to return in 2012, as the demand for existing homes picks up and resale supply edges down. As a result of buyers' market conditions, the average MLS®¹ price is forecast to decline 0.9 per cent this year to $500,000, before increasing to $505,000 in 2012.

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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¹ Multiple Listing Service® (MLS®) is a registered trademark owned by the Canadian Real Estate Association