ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Oct. 30, 2014) - According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - St. John's report, housing market activity this year and throughout 2015-2016 will be at lower levels than experienced in past years.
"The St. John's area housing market is expected to post lower activity over the 2014 to 2016 forecast period, despite the fact that the region's economy continues to generate population expansion, employment and income growth," said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador.
New home construction activity in the St. John's area will be lower through 2016, with single-detached housing starts forecast at 875 units for this year, 850 units in 2015 and 900 starts in 2016. The multiple unit segment of the market is expected to see 540 starts this year, 595 units in 2015 and 600 in 2016.
The resale market will post 3,300 sales by the end of this year, with 3,350 sales expected in 2015 and 3,400 in 2016. Price growth is forecast at the rate of inflation, with the average MLS® house price expected to reach $313,000 this year and increase to $317,500 in 2015 and $322,000 in 2016.
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.
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Additional data is available upon request
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