Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 13, 2014 08:15 ET

Housing Starts and Sales to Remain Weak in Atlantic Canada

HALIFAX, NOVA SCOTIA--(Marketwired - Aug. 13, 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 14 per cent in 2014 and a further three per cent in 2015.

"A slowdown in economic growth and continuing negative net-migration will result in lower demand for housing leading to 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 18 per cent in 2014 and nine per cent in 2015. Single starts are expected to fall 11 per cent in 2014, with a small rise of two per cent in 2015," added MacDonald.

"In the existing home market, MLS(R) sales are forecast to decrease close to six 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," said 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(R) is a registered trademark of the Canadian Real Estate Association.

Additional data is available upon request.
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Contact Information

  • Market Analysis Contact:
    Alex MacDonald
    902-426-8964
    Cell: 902-483-9483
    amacdona@cmhc.ca

    Media Contact:
    Caroline Arsenault
    902-426-8127
    Cell: 902-452-4448
    cmarsena@cmhc.ca