Migration to Support Charlottetown's Housing Demand

HALIFAX, NOVA SCOTIA--(Marketwired - May 18, 2016) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Charlottetown Housing Market Outlook report, housing starts in the Charlottetown Census Agglomeration (CA) are forecast to range between 260 and 280 units in 2016 and from 295 units to 325 units in 2017.

"Housing demand will be shaped by the pattern of migratory and demographic trends," said Sarena Teakles, Market Analyst with CMHC's Atlantic Market Analysis Centre. "International immigration will add to rental demand; Great flows in both in and out-migration will keep MLS® resale activity levels elevated; and seniors and first time homebuyers will support the demand for new multiples housing units," Teakles added.

MLS® home sales are forecast to remain above year-earlier levels, ranging from 650 and 730 transactions in 2016 and between 615 and 705 transactions in 2017. This elevated demand for resale homes will encourage growth in average prices. MLS® average prices are forecast to be between $211,500 and $212,500 in 2016 and between $214,600 and $221,400 in 2017.

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.

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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

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

Additional data is available upon request.

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