Housing Starts and Sales to Decline in Atlantic Canada

HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 22, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC's) Quarterly Housing Market Outlook - Atlantic report, housing starts in Atlantic Canada are expected to decline just under 11 per cent in 2013 and a further five per cent in 2014.

"Notwithstanding the overall decline, the level of new home construction activity in 2013 is forecast to remain above 11,000 units for the fourth year in a row," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre.

"Multiple starts, including apartments, are forecast to decline by nearly 20 per cent in 2013 and close to ten per cent in 2014. Despite moderate employment and wage growth, single starts are expected to decline about three per cent in 2013, followed by a further one per cent decline in 2014," said MacDonald.

"In the existing homes market, MLS^® sales are forecast to decrease four per cent this year, with sales remaining close to 2013 levels next year," added MacDonald.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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.

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