Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 26, 2015 08:15 ET

Housing Market Outlook for 2015, 2016 and 2017 Gatineau Area

MONTRÉAL, QUÉBEC--(Marketwired - Oct. 26, 2015) - According to the fourth quarter 2015 issue of the Housing Market Outlook report released by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Gatineau area will slow down and reach 1,700 units in 2016 and 1,650 units in 2017. Centris® sales, for their part, will increase slightly and attain 3,600 units in 2016 and 3,700 in 2017.

On the new home market, the slowdown that began in recent years will continue in 2016 and 2017. "This adjustment will result from a limited need for additional units, given the high supply of new and existing homes that will be available on the market," said Geneviève Lapointe, Senior Market Analyst at CMHC.

On the existing home market, the recovery that began this year will continue over the next two years. "The rise in Centris® sales will result from an improvement in employment prospects and modest demographic growth. However, the level of activity will remain below the average of the last few years," she added. "Also, since market conditions will continue to favour buyers, there will be little pressure on prices," she explained. The increase in the average Centris® price will hover around 1 per cent over the forecast period.

On the rental housing market, after significantly easing over the last few years, conditions will tighten slightly. "This market change will be due to a slight increase in demand and a small rise in the supply of rental housing," concluded Lapointe. The rental housing vacancy rate will therefore rise to 6.3 per cent in 2015, 6.1 per cent in 2016 and 5.7 per cent in 2017.

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.

Follow CMHC on Twitter @CMHC_ca.

Additional data is available upon request.

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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/1029721.pdf

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