Housing Starts to Decline in Charlottetown

MONCTON, NEW BRUNSWICK--(Marketwired - Oct. 30, 2014) - 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 2014, 2015 and 2016.

"Demand for housing in the Charlottetown area is expected to decline over the forecast period as international migration slows and out-migration accelerates," said Jason Beaton, Market Analyst with CMHC's Atlantic Business Centre.

In the new home market, single-detached starts are expected to decline by more than 15 per cent to 135 units in 2014 and 2015 with a further decline to 130 units in 2016. Multiple-unit starts are forecast to decline by more than 30 per cent in 2014, with further declines of 8 and 9 per cent in 2015 and 2016 respectively. "The decline in multiple starts will be the result of fewer purpose built rental apartment units, which have been well above average for the past five years," Beaton said.

In the existing homes market, MLS^® sales are expected to decline to 475 in 2014, and to 450 units in 2015 and 2016, 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.

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

Additional data is available upon request.

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