CMHC Lower Mainland Spring Housing Market Outlook

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2014) - According to Canada Mortgage and Housing Corporation's (CMHC) Second Quarter Vancouver and Abbotsford-Mission Housing Market Outlook report, Vancouver Census Metropolitan Area (CMA) housing starts are forecast to continue at a steady pace in 2014 with 18,600 units getting underway, and to edge lower to 18,300 units in 2015, compared to 18,696 units in 2013.

"Vancouver area single-detached home starts are expected to increase in 2014 based partly on a trend of increasing sales that started in 2013 and has continued into the first quarter of this year," said Robyn Adamache, CMHC's Senior Market Analyst for the Lower Mainland. "Multiples starts are forecast to dip lower by close to two per cent both this year and next. Apartment condominium starts will continue to be concentrated in areas close to employment hubs, expanding transportation infrastructure, recreation and shopping amenities."

Greater Vancouver MLS^® sales are forecast to reach just over 30,000 transactions in 2014, in line with the 10-year average level. 2015 sales are expected to moderate to 28,750 units. The average

MLS^® price is forecast to increase 2.4 per cent in 2014 and to edge up by less than one per cent in 2015.

Abbotsford-Mission CMA new construction is projected to move lower to 710 home starts in 2014, compared to 749 units in 2013, and to step down to 650 starts in 2015.

MLS^® sales in the Fraser Valley are forecast to progress at a moderate but steady pace this year and next across the Fraser Valley Real Estate Board area. The market will continue to reflect well- matched demand and supply conditions, adding to overall price stability.

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 http://www.cmhc.ca/housingmarketinformation.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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.

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