Housing Starts to Decline in Halifax
HALIFAX, NOVA SCOTIA, Oct 31, 2013 (Marketwired via COMTEX) --
According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - Halifax report, residential construction in the city is expected to decline in both 2013 and 2014.
"Modest job creation and population growth will provide limited support for housing demand in Halifax over the forecast period," said Guillaume Neault, senior market analyst with CMHC's Atlantic Business Centre.
"Reduced demand for new single-detached units will result in single starts declining nearly 18 per cent in 2013 to 815 units. In the apartment segment of the market, starts will remain at an elevated pace over the forecast period as demographic factors continue to support demand for rental units," added Neault.
"Existing home sales in Halifax are expected to decline over 15 per cent this year to 5,150 units. In 2014, modest employment growth and favourable borrowing conditions will contribute to increasing sales activity to 5,600 units," said Neault.
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.
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 CMHC Housing Market Information.
Follow CMHC on Twitter @CMHC_ca
Additional data is available upon request.
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SOURCE: Canada Mortgage and Housing Corporation
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