Thursday, June 12, 2008

More predictions from CMHC on our futurereal estate market

Housing starts will trend lower in 2008

Higher mortgage carrying costs will be a catalyst for the decrease in residential construction to 214,650 units in 2008.

Seven of the ten provinces will register a lower number of housing starts in 2008 than in 2007. Housing starts, will reach 199,900 units in 2009.

MLS®1 sales to pull back from record in 2007

Record MLS® sales in 2007 Existing home sales, as measured by the Multiple Listing Service (MLS®), are expected to fall by 8.5 per cent in 2008 to 475,900 units.

In 2009, the trend will continue with a decrease to 465,000 units (-2.3 per cent). Despite a slowdown of MLS® sales, demand remains strong by historical standards.

So there you have it from CMHC

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