Housing Construction in Halifax to Remain Stable

HALIFAX, NOVA SCOTIA--(Marketwired - Oct. 26, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook - Halifax report, residential construction in the city is expected to remain stable in both 2016 and 2017 after a strong 2015.

"Apartment construction in Halifax CMA shows the strongest year since the 1970s. Relatively low vacancy rates and an aging population will provide support to this segment of the market over the forecast period," said Guillaume Neault, Principal, Market Analyst, with CMHC's Atlantic Market Analysis Centre.

"Weaker than expected employment growth and elevated inventory levels of unsold new homes will limit single-detached home starts in 2016 to 375 units and 400 in 2016. New home sales in the highest price ranges, however, will remain strong," added Neault.

"The trend established in 2013 in the resale market in Halifax is expected to continue in 2016 and 2017 with 4,500 sales," said Neault. The price of a resale home is expected to grow slightly below the rate of inflation levels during the forecast period.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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 CMHC Housing Market Information.

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Additional data is available upon request.

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