Housing Construction in Halifax to Increase in 2015

HALIFAX, NOVA SCOTIA--(Marketwired - May 25, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC's) Spring Housing Market Outlook - Halifax report, residential construction in the city is expected to increase in 2015 and remain stable in 2016.

"Multiple starts are forecast to take the lion's share of construction activity in both 2015 and 2016, as the low vacancy rate in new buildings and favourable interest rates stimulate construction activity in the Halifax CMA," said Guillaume Neault, Principal, Market Analysis with CMHC's Atlantic Business Centre.

"Inventory levels of unsold new homes will continue to impact single-detached home starts in 2015 with 525 units expected. However, demand will remain relatively stable for new single-detached homes located in peripheral areas of Halifax CMA over the forecast period," added Neault.

"The resale market in Halifax is expected to remain in a buyers' market in 2015 and as a result the average MLS^® house price will record no real growth. Sales, on the other hand, are expected to increase slightly this year and next to 4,800 units," said Neault.

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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Additional data is available upon request.

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