Housing Construction in Halifax to Remain Stable

HALIFAX, NOVA SCOTIA--(Marketwired - May 18, 2016) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook - Halifax report, housing starts in the Census Metropolitan Area (CMA) are forecast to to range between 2,165 and 2,235 units in 2016 and from 2,320 to 2,530 units in 2017.

"Apartment construction in Halifax CMA continues to spearhead residential development while single-detached homes are forecast to record marginal gains. Also, international migration along with interprovincial migrants will exert a downward pressure on the vacancy rates during the forecast period," said Guillaume Neault, Principal, Market Analyst, with CMHC's Atlantic Market Analysis Centre.

"MLS® home sales are forecast to rebound from three years of decline, with sales ranging between 5,065 and 5.135 in 2016 and 5,150 and 5,350 in 2017" said Neault. "The price of a resale home is expected to increase at a pace similar to the expected rate of inflation during the forecast period" added Neault.

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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