Housing Demand in Halifax to Moderate

HALIFAX, NOVA SCOTIA--(Marketwired - June 25, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC's) Spring Housing Market Outlook - Halifax report, residential construction in the city is expected to decline in both 2013 and 2014.

"Economic activity, modest job creation and positive net-migration patterns will provide moderate support for housing demand in Halifax over the forecast period," said Tim Andrews, market analyst with CMHC's Atlantic Business Centre.

"In the new homes market, reduced demand for single-detached units will result in starts declining nearly 12 per cent in 2013 to 875 units. In the apartment segment of the market, starts will remain at an elevated pace over the forecast period as an aging population base will contribute to shifting some demand towards the rental market," added Andrews.

"Existing home sales in Halifax are expected to decline over seven per cent this year to 5,600 units. In 2014, economic and employment growth will contribute to increasing sales activity to 5,800 units," said Andrews.

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 CMHC Housing Market Information.

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