Housing Market to Gradually Decline

HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 5, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC's) Quarterly Housing Market Outlook - Atlantic report, housing starts are expected to decline just under five per cent in 2012 and a further eight per cent in 2013.

"Notwithstanding the overall decline in 2012, the level of construction activity is forecast to remain above 11,000 units for the third year in a row, with the forecast for 2013 also expected to come very close to the 11,000 level," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre.

"Multiple starts, including apartments, are forecast to decline nine per cent in both 2012 and 2013. Despite moderate employment and wage growth, single starts are only expected to decline about one per cent in 2012, followed by a more significant eight per cent drop in 2013," said MacDonald.

"In the existing homes market, MLS^® sales are forecast to increase two per cent in 2012. In 2013, expect a decline of four per cent in sales," added MacDonald.

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.

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

Additional data is available upon request

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