Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 18, 2016 08:15 ET

Housing Market Outlook for 2016 and 2017 Gatineau Area

MONTRÉAL, QUÉBEC--(Marketwired - May 18, 2016) - According to the second quarter 2016 issue of the Housing Market Outlook report released by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Gatineau area will increase and reach between 1,750 and 1,900 units in 2016 and between 1,850 2,000 units in 2017. Centris® sales, for their part, will attain between 3,750 and 3,850 in 2016 and between 3,850 and 3,950 in 2017.

On the new home market, following a significant decline in residential construction in 2015 the winds will begin to change. "Over the next two years, the rise in housing demand will allow for part of this inventory of available units to be absorbed and, by the same token, help residential construction pick up the pace, but will remain at levels below the historical average." said Tania Bourassa-Ochoa, Senior Market Analyst at CMHC.

On the existing home market, the recovery that began last year will continue. "This year and next, continued employment and population growth will again boost transactions," she added. "In this context, there will be more pressure on prices than in past years," she explained. The overall average price should therefore range between $245,500 and $250,400 in 2016 and between $249,700 and $256,200 in 2017.

On the rental housing market, after being marked by relatively high vacancy rates, conditions should progressively tighten this year and next year. "The strengthening economic and demographic conditions will stimulate the growth in demand for conventional rental housing," concluded Bourassa-Ochoa. The rental housing vacancy rate will therefore decrease to 5.5 per cent in 2016 and to 5.0 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.

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Additional data is available upon request.

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