VICTORIA, BRITISH COLUMBIA--(Marketwired - Feb. 6, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) First Quarter Housing Market Outlook British Columbia Highlights report, housing starts in British Columbia are forecast to total 28,300 homes in 2015 and edge higher to 29,000 homes in 2016.

"A higher level of housing starts will be supported by growth in employment and population during the next two years," noted Carol Frketich, CMHC's BC Regional Economist. "Multiple-family starts will be stable in 2015 and then pick up in 2016 as demand for denser housing forms increases and inventories of completed and unabsorbed units are drawn down. Single-detached home starts are expected to remain relatively unchanged over the forecast horizon."

Existing home sales through the Multiple Listings Service (MLS) are forecast to total 79,300 units in 2015 and 79,200 units in 2016. The average home price is forecast at $577,700 in 2015 and $588,000 in 2015.

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As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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Contact Information:

Market Analysis Contact:
Carol Frketich, BC Regional Economist
Cell: 604-787-5598

Media Contact:
Jeanette Wilkinson
Cell: 604-360-7793