CMHC Lower Mainland Fall Housing Market Outlook

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 30, 2014) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Vancouver and Abbotsford-Mission Housing Market Outlook report, Vancouver Census Metropolitan Area (CMA) housing starts will continue at a steady pace with 18,700 and 19,250 units forecast for 2015 and 2016, compared to a projected 18,900 units in 2014.

"Housing starts are expected to dip slightly in 2015 but overall, the trend is stable," said Robyn Adamache, CMHC's Senior Market Analyst for Vancouver. "Condominium apartments and rental housing, both purpose-built rental as well as mortgage helpers, will drive multiple-family housing starts over the next two years."

Greater Vancouver MLS^® sales are projected to reach 32,800 transactions in 2014. Higher mortgage interest rates during the latter part of 2015 will temper 2015 and 2016 sales to 32,250 and 31,600 units. A shift towards lower-cost housing options is forecast to moderate average MLS^® price growth to 1.2 per cent and 1.7 per cent in 2015 and 2016.

Abbotsford-Mission CMA new construction is projected to edge lower to 590 and 570 home starts in 2015 and 2016 compared to a projected 610 units in 2014.

MLS^® sales in the Fraser Valley Real Estate Board area are forecast to progress at a moderate, steady pace this year and next. 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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