CMHC's 2014 Manitoba Housing Outlook Conference

WINNIPEG, MANITOBA--(Marketwired - Feb. 19, 2014) - Manitoba's housing market will be discussed today at Canada Mortgage and Housing Corporation's (CMHC) annual Manitoba Housing Outlook Conference. The event, held at the Delta Hotel in Winnipeg, attracts more than 250 housing industry representatives to hear CMHC experts present on economic, demographic, and other factors impacting Manitoba's major housing markets.

Manitoba's net migration is expected to continue to moderate to 8,500 new residents in 2014. "While net migration will not be as high as in the past, it will still be supportive of housing demand," noted Lai Sing Louie, Regional Economist for the Prairie and Territories Region. "Single-detached housing starts will moderate to 3,600 units in 2014 and edge slightly higher to 3,700 units in 2015," said Louie, adding "Stronger employment gains and increasing earnings in 2014, combined with slowly rising borrowing costs, will keep demand relatively stable over the forecast period."

A rebound in existing home sales in the latter part of 2013 will continue, bringing sales to 14,000 in 2014 and further increase to 14,200 in 2015. "Population growth will continue to drive demand and buyers will benefit from an increase in selection as the number of active listings trends higher," says Dianne Himbeault, Senior Analyst for Winnipeg. The average residential MLS^® price in Manitoba is forecast to continue to rise over the forecast period, reaching $267,000 in 2014 and $274,300 in 2015. Moderate increases in sales will be outstripped by increases in new listings. "This will result in more balanced market conditions over the forecast period and reduce upward pressure on prices," noted Himbeault.

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.