Housing Starts and Sales Slow in Atlantic Canada

HALIFAX, NOVA SCOTIA--(Marketwired - May 22, 2014) - According to Canada Mortgage and Housing Corporation's (CMHC's) Quarterly Housing Market Outlook - Atlantic report, housing starts in Atlantic Canada are expected to decline close to ten per cent in 2014 and a further four per cent in 2015.

"Weak economic growth and negative net-migration will limit demand for housing and result in fewer housing starts and sales in Atlantic Canada in 2014 and 2015, said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre. "Multiple-unit starts, including apartments, are forecast to decline 15 per cent in 2014 and ten per cent in 2015. Single starts are expected to fall five per cent in 2014, while remaining virtually flat in 2015," added MacDonald.

"In the existing home market, MLS^® sales are forecast to decrease four per cent in 2014 with a similar level of activity expected in 2015. The average price of an existing home is forecast to rise less than one per cent in 2014, with a one per cent increase forecast for 2015," 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.

Follow CMHC on Twitter @CMHC_ca

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

Additional data is available upon request.

(Ce document existe également en français)