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CMHC Second Quarter Overview

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Canada Mortgage and House Corporation released its housing Market Outlook for the second quarter in 2011. Here are a few highlights.

• Housing starts: Housing starts are moving back in line with demographic fundamentals, after peaking in the second quarter of 2010. Since then, they have progressively moderated, including in the first quarter of 2011. Housing starts are forecast to be 179,500 units for 2011 and 185,300 units for 2012.
• Resales: Sales of existing homes through the Multiple Listing Service® (MLS®) have made further gains in the first quarter of 2011. MLS® sales are expected to increase modestly both in 2011 and in 2012. Overall, 452,100 sales are expected in 2011, followed by 461,300 in 2012.
• Resale prices: The increase in the average MLS® price in the first quarter of 2011 was stronger than expected, but the average MLS® price is expected to moderate throughout the remainder of the year. For 2011, the average MLS® price is forecast to be $361,100 while 2012 will see a modest increase to $364,200.
• Provincial Spotlight for BC: Housing starts will moderate in all areas of Canada in 2011, although British Columbia will experience the smallest decline. In 2012, growth in housing starts is expected to be strongest in British Columbia and Alberta.

Please refer to the following link for further details http://www.cmhc-schl.gc.ca/odpub/esub/61500/61500_2011_Q02.pdf

Source: CMHC

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