Housing Demand in Halifax to Increase in 2012

HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 4, 2011) - Stronger economic and employment growth will result in increased demand for housing in Halifax over the forecast period, according to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook – Halifax report.

"Higher levels of employment and migration supported by the recent shipbuilding contract announcement will result in increased demand for housing over the forecast period," said Matthew Gilmore senior market analyst with CMHC's Atlantic Business Centre. "Single-detached housing starts are forecast to decline slightly in 2011 before rebounding in 2012 by as much as 25 per cent. Apartment starts will climb sharply in 2011 to 1,625 units before moderating in 2012 to 1,450 units which is still well above the ten year average of 937 units," Gilmore added.

MLS^® sales are expected to increase by three per cent in 2011 and another five per cent in 2012 as demand begins to increase. Average prices are expected to increase by three per cent in 2011 and six per cent in 2012.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.

CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.

MLS^® is a registered trademark of the Canadian Real Estate Association.

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