Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 18, 2016 08:15 ET

Housing Starts to Remain Low in New Brunswick

HALIFAX, NEW-BRUNSWICK--(Marketwired - May 18, 2016) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook - Saint John, Moncton and Fredericton report, the residential construction trend will continue to slow this year to range between 1,750 and 1,850 starts before picking up slightly in 2017 to range between 1,840 and 2,010 starts.

"Downsizing seniors are increasing the supply of existing homes for sale in New Brunswick. Buyers are expected to continue to prefer these homes over new homes and the increasing supply of existing homes will put downward pressure on prices through 2017," said Michael Edwards, Senior Market Analyst with CMHC's Atlantic Market Analysis Centre.

"Elevated apartment construction a few years ago has created a surplus of vacant apartments in some markets. Higher levels of immigration and slower multi-family construction, will bring the vacancy rate down across the province's largest cities" added Edwards.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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