CMHC's 2015 Victoria Housing Outlook Conference

VICTORIA, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2015) - Canada Mortgage and Housing Corporation (CMHC) economists and market analysts shared their key insights and forecasts for the housing market at the ninth annual CMHC Housing Outlook Conference in Victoria today. Brian McCauley, President and Chief Operating Officer of Concert Properties, also presented to the housing industry stakeholders in attendance.

Eric Bond, Senior Market Analyst for Vancouver Island, presented the forecast for the Victoria Census Metropolitan Area (CMA). He advised that demand for new homes will be supported during the next two years by modest employment and population growth combined with low mortgage interest rates. "As inventories of unsold multi-family homes have trended lower in 2015, builders are proceeding with planned projects that will add density in central neighbourhoods and meet rising demand from new and existing residents. This has led to an increase in multi-unit home construction, particularly condominium and rental apartments," he said.

Province-wide, housing starts are expected to remain relatively stable, ranging between 25,500 and 34,100 units in 2016 and between 24,300 and 35,500 units in 2017. "New home construction will be supported by growth in employment and population," noted Carol Frketich, BC Regional Economist, CMHC. Single-detached home starts are expected to range from 9,000 to 11,600 units in 2016 and between 8,100 to 11,500 units in 2017, with the broader range reflecting increased downside risk as mortgage interest rates rise.

The second quarter results of the CMHC Housing Market Assessment (HMA) Report were presented by Carolyn Kwan, Senior Market Analyst. "The HMA enables us to evaluate market conditions across the country based on four main factors - Overheating, Price Acceleration, Overvaluation, and Overbuilding - to determine if there is evidence of problematic conditions," she said.

CMHC's annual Victoria Housing Outlook Conference helps housing market stakeholders understand trends in the marketplace, identify opportunities, and make sound business decisions. With more than 65 years of experience, consumers and the housing industry trust 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.