CMHC's 20th Annual Alberta Housing Outlook Conference

EDMONTON, ALBERTA--(Marketwired - Nov. 26, 2013) - Alberta's housing markets will be discussed today at Canada Mortgage and Housing Corporation's (CMHC) annual Edmonton Housing Outlook Conference. The event, held at the Shaw Conference Centre, attracts more than 400 housing industry representatives to hear CMHC experts present on economic, demographic, and other factors impacting Alberta's major housing markets; namely Edmonton, Calgary, Wood Buffalo and Grande Prairie.

In 2013, housing starts across Alberta are expected to reach 34,200 units, an increase from 32,400 in 2012. "An expanding economy and population growth will support Alberta's housing markets and help increase housing starts to 34,900 units in 2014," said Lai Sing Louie, CMHC's Regional Economist for the Prairie and Territories Region.

Housing starts are on track to total 13,900 units in the Edmonton Census Metropolitan Area (CMA). This represents an increase of 8.3 per cent over 2012. The pace of housing starts will moderate in 2014 to 12,200 units due to reduced activity in the multi-family sector.

"While single-detached housing construction is expected to increase next year, the number of multi-family housing starts will decline, as the prospect of rising inventories moderates construction in that sector," said Christina Butchart, CMHC's Senior Market Analyst for Edmonton.

In the Calgary Census Metropolitan Area (CMA) total housing starts are on track to decline nine per cent in 2013 to 11,700 units, down from 12,841 units in 2012. In 2014, they will rise 12 per cent to 13,100 units. While increases are expected for single-detached starts, multi-family starts will experience more pronounced gains in 2014 following the reduction this year.

"Full-time job growth, rising incomes, and a reduced selection in the resale market will contribute to higher new home demand." said Richard Cho, CMHC's Senior Market Analyst for Calgary.

In Edmonton, demand for housing in the resale market is expected to result in 18,600 sales in 2013, a 5.4 per cent increase over 2012. In 2014, MLS^® sales will expand further to 19,000 units. In Calgary, job creation and net migration will continue to be key drivers of the resale market. MLS^® residential sales in Calgary are forecast to increase 2.7 per cent to 30,000 units next year.

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.