Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 11, 2015 09:30 ET

CMHC's 2015 Manitoba Housing Outlook Conference

An insight into Manitoba's Housing Markets

WINNIPEG, MANITOBA--(Marketwired - Feb. 11, 2015) - Canada Mortgage and Housing Corporation (CMHC) economists and market analysts shared their key insights and forecasts for Manitoba's housing market at CMHC's annual Housing Outlook Conference today. CMHC experts presented to hundreds of housing industry stakeholders on economic, demographic and other factors impacting Manitoba's key markets including Winnipeg, Brandon, Steinbach, Portage la Prairie and Thompson.

After declining 18 per cent in 2014 to 3,134 units, construction of new single-detached homes in Manitoba is expected to improve. Thanks to employment growth and positive net migration, single-detached starts are forecast to increase to 3,400 units in 2015 and 3,500 in 2016. "Net migration to the province is forecast to remain strong in the coming years, which is expected to generate a steady pace of new household formation and housing demand," said Lai Sing Louie, CMHC's Regional Economist for the Prairie and Territories Region.

In the Winnipeg Census Metropolitan Area (CMA), moderate employment growth, increased selection in the resale market, and a shift in demand to lower-priced multi-family housing, will impede growth in single-detached housing starts. "As a result, builders are expected to keep production steady at 1,875 single-detached units in 2015 before improving economic conditions encourage a modest increase to 1,900 units in 2016," said Dianne Himbeault, CMHC's Senior Market Analyst for Winnipeg. Resale transactions in Winnipeg will remain relatively stable over the next two years after posting a slight increase in 2014. Balanced conditions will prevail over the forecast period with price increases remaining near 2.5 per cent in both 2015 and 2016 when the average resale price will reach $287,000.

Modest increases to Winnipeg's vacancy rate are expected over the forecast period. "Renters will continue to move to home ownership, while fewer new renters will enter the market due to a modest decline in net migration to the city. As a result, the vacancy rate will reach 2.8 per cent in October 2015 and 3.0 per cent in 2016," said Himbeault. The average two-bedroom rent will also increase in both 2015 and 2016 to $1,045 and $1,075 per month, respectively.

CMHC's annual Manitoba Housing Outlook Conference helps housing market participants understand trends in the market place, identify new opportunities, and make sound business decisions. With more than 65 years of experience, consumers and the housing industry trusts CMHC to deliver reliable, impartial and up-to-date housing market information.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

Contact Information

  • Media inquiries:
    Renee Anne Nat
    Public Affairs Advisor
    Canada Mortgage and Housing Corporation
    (403) 515-2963 / Cell: (403) 605-5094
    rnat@cmhc-schl.gc.ca