Housing Starts to Decline in Charlottetown

MONCTON, NEW BRUNSWICK--(Marketwired - June 25, 2013) - According to Canada Mortgage and Housing Corporation (CMHC's) Spring Housing Market Outlook - Charlottetown report, total housing starts in Charlottetown are expected to decline in both 2013 and 2014.

"Demand for housing in the Charlottetown area is expected to slow over the forecast period as weakening employment levels and slower migration soften demand for all types of housing," said Jason Beaton, market analyst with CMHC in Prince Edward Island.

In the new homes market, single-detached starts are expected to decline by more than nine per cent in 2013 before decreasing another ten per cent in 2014. "Following four years of above average levels of construction, multiple starts are forecast to decline in 2013," Beaton said.

In the existing homes market, MLS^® sales are expected to decrease to 500 units in both 2013 and 2014.

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.

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