OTTAWA, ON -- The Canadian housing construction industry is poised for two years of growth, according to Canada Mortgage and Housing Corporation's (CMHC) first quarter Housing Market Outlook.
CMHC said housing starts will be in the range of 157,300 to 192,900 units in 2011, with a point forecast of 177,600 units. In 2012, housing starts will be in the range of 154,600 to 211,200 units, with a point forecast of 183,800 units. 2010 ended at 170,400, negatively impacted by a sluggish second half.
“Modest economic growth will continue to push employment levels higher this year and next," said Bob Dugan, chief economist of CMHC. "This, in conjunction with relatively low mortgage rates, will continue to support demand for new homes. Housing starts will remain in line with long term demographic fundamentals over the course of 2011 and 2012.”
CMHC also forecasts that existing home sales will be in the range of 398,500 to 485,500 units in 2011, with a point forecast of 441,500 units. In 2012, existing home sales will are expected to be in the range of 406,300 to 519,700 units, with a point forecast of 462,900 units.
Read more about Canada Mortgage and Home Corporation's housing forecast.
Posted by Rich Christianson
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