Housing Starts and Sales Will Slow in Atlantic Canada

HALIFAX, NOVA SCOTIA--(Marketwired - Aug. 15, 2013) - 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 18 per cent in 2013 and a further five per cent in 2014.

"Multiple starts, including apartments, are forecast to decline 18 per cent in 2013 and nine per cent in 2014. Despite moderate employment and wage growth, single starts are expected to also decline about 18 per cent in 2013, followed by a three per cent decline in 2014," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre.

"In the existing homes market, MLS^® sales are forecast to decrease ten per cent this year before rising close to one per cent next year. The average price of an existing home is forecast to rise close to one per cent in 2013 and two per cent in 2014," 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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