This is CMHC's prediction for the 2010 detached housing market, interesting to say the least!
Single-detached starts to move higher in 2010
Strong price growth in the past few years for single-detached housing has moderated the demand for this type of housing, and increased demand for less expensive multi-family housing.
The uncertain economic environment in late 2008 and early 2009 contributed to the downward trend in single starts. By the second quarter of 2009, however, single starts rebounded in most provinces.
Over the forecast horizon, this trend is expected to continue as more moderate prices make the singles market more attractive. After declining to 70,350 units in 2009, the number of single-detached housing starts will increase to 79,700 units in 2010.
By and large, starts of single-detached housing will continue to recover in the second half of 2009. Moving into 2010, all provinces will see an increase in the number of single-detached starts. In British Columbia, here employment growth is expected to be the strongest in the country, starts of single-detached homes will move up to 8,400 units, the largest percentage increase in the country for 2010.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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