Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 15, 2010 10:09 ET

Housing Demand in Halifax to Remain Subdued in 2011

HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 15, 2010) - Residential construction will rebound in 2010 and remain substantially unchanged in 2011, according to Canada Mortgage and Housing Corporation's (CMHC's) Housing Market Outlook – Halifax report released today. MLS®(1) sales are expected to see little movement in both 2010 and 2011 while prices are expected to continue to advance.

"Steady but slow employment growth and slower real wage growth will result in relatively subdued demand for housing in Halifax in the latter part of 2010 and in 2011," said Matthew Gilmore senior market analyst with CMHC's Atlantic Business Centre. "Both single and multiple starts have been strong in 2010. While singles are expected to decline by 7.5 per cent next year, multiples construction is expected to see continued expansion," added Gilmore.

"The modest growth in MLS® sales expected in 2010 is due largely to growth in the first half of the year. Expect to see a small decline of two per cent in sales in 2011," said Gilmore. Average prices are expected to increase by close to six per cent in 2010 and nearly three per cent in 2011.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions.

(1) MLS® is a registered trademark of the Canadian Real Estate Association.

For more information, visit www.cmhc.ca or call 1 800 668-2642.

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