While the economy continues to support new home building activity, in Canada, builders are expected to continue adjusting their activity in order to manage inventory levels, according to the second quarter 2014 Housing Market Outlook, from the Canada Mortgage and Housing Corporation (CMHC).
“Builders are expected to continue to manage their starts activity in order to ensure that demand from buyers seeking new condominium units is first channeled toward unsold completed units or unsold units that are currently under construction,” said Mathieu Laberge, Deputy Chief Economist for CMHC.
On an annual basis, housing starts are expected to be in the range of 172,300 to 189,900 units in 2014, with a point forecast of 181,100 units, which is down from 187,923 units in 2013.
In 2015, housing starts are expected to in the range of 160,600 to 203,600 units, with a point forecast of 182,100 units.
Multiple Listing Service sales are expected to be between 428,100 and 487,700 units in 2014, with a point forecast of 457,900 units. That will be virtually unchanged from 2013's 457,338.
2015 sales are expected to be in the range of 441,800 to 500,400 units, with an increase in the point forecast to 471,100 units.
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