Housing Starts to Decline in Charlottetown

MONCTON, NEW BRUNSWICK--(Marketwired - Oct. 31, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC's) Fall 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 decline over the forecast period as migration slows from the record high levels recorded during the past five years," said Jason Beaton, market analyst with CMHC in Prince Edward Island.

In the new home market, single-detached starts are expected to decline by more than 21 per cent to 175 units in both 2013 and 2014. Multiple-unit starts are forecast to decline by more than 40 per cent in 2013, and a further 4.3 per cent in 2014. "The decline in multiple starts will be the result of fewer apartment units, which have been well above average for the past four years," Beaton said.

In the existing homes market, MLS^® sales are expected to decrease to 475 and 460 units in 2013 and 2014 respectively.

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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