Housing Market Activity to Slow in Charlottetown

HALIFAX, NOVA SCOTIA--(Marketwired - Oct. 26, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Fourth Quarter Charlottetown Housing Market Outlook report, housing starts in the Charlottetown Census Agglomeration (CA) are forecast to total 270 units in 2015. Starts will then move lower to 260 units in 2016 and 255 units in 2017.

"Housing demand will vary based on tenure, homeowner or rental, over the forecast period," said Sarena Teakles, Market Analyst with CMHC's Atlantic Market Analysis Centre. "The continued inflow of international migrants and the changing housing preferences of an aging population will ensure stable but modest demand for rental housing. In contrast, an ample supply of existing homes available to potential buyers will reduce the demand for new single family homes," added Teakles.

MLS^® home sales are forecast to move higher to 625 sales in 2015 before slowing to 600 sales in 2016 and 580 sales in 2017. The average price of a MLS^® listed home is projected to decline 1.1 per cent in 2015 to $203,500. In 2016, buyers market conditions are expected to support a 0.7 per cent increase in average resale home prices and an additional one per cent increase in 2017.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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MLS^® is a registered trademark of the Canadian Real Estate Association.

Additional data is available upon request.

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