CMHC's 18th Annual Alberta Housing Outlook Conference

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2011) - Alberta's housing markets will be discussed today at Canada Mortgage and Housing Corporation's (CMHC) annual Calgary Housing Outlook Conference. The event, held at the BMO Centre, attracts over 400 housing industry representatives to hear CMHC experts present on economic, demographic, and other factors impacting Alberta's major housing markets; namely Calgary, Edmonton, Red Deer, Lethbridge and Medicine Hat.

Following a moderation in 2011, housing starts across Alberta are expected to increase 15 per cent next year to 29,200 units, the highest level since 2007. "Rising migration levels, continued job growth, and low mortgage rates will help lift new home construction," said Lai Sing Louie, CMHC's Regional Economist for the Prairie and Territories Region. The number of MLS^® sales in Alberta is projected to increase by nearly six per cent in 2011 to 52,800 units. Next year, provincial MLS^® sales are projected to rise to 53,900 units.

Both the Calgary and Edmonton Census Metropolitan Areas (CMAs) will record lower housing starts this year before rising in 2012. Calgary housing starts are forecast to increase 11 per cent next year to 9,400 units, the best performance since 2008. "Improvements will be reliant upon rising net migration, continued employment growth, lower new home inventories, and a more balanced resale market," noted Richard Cho, CMHC's Senior Market Analyst in Calgary. Similar factors will fuel a gain in Edmonton housing starts in 2012. Total starts in Edmonton are expected to increase 11 per cent next year, reaching 10,100 units.

MLS^® sales in Calgary and Edmonton will experience gains in both 2011 and 2012. Given low mortgage rates, strong job growth, and increased net migration, sales in Calgary will rise six per cent this year to 22,200 units, before increasing to 22,700 units in 2012. In Edmonton, following a two per cent gain in 2011 to 16,700 units, MLS^® sales are anticipated to expand further next year to 17,200 units.

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.

For more information, visit www.cmhc.ca or call 1-800-668-2642.