Canadian housing starts expected to recover

bigstock_New_House_Construction_1624355
Housing starts are forecast to stabilize in the next two years. They are expected to range from 157,300 to 192,900 units in 2011, and 154,600 to 211,200 units in 2012. Photo © BigStockPhoto/onepony.

After lagging behind in the second half of 2010, housing starts are forecast to stabilize this year and next, according to Canada Mortgage and Housing Corporation’s (CMHC’s) first-quarter report, “Housing Market Outlook–Canada.”

Housing starts are expected to range between 157,300 to 192,900 units this year, with a point forecast of 177,600 units. In 2012, housing starts should range from 154,600 to 211,200 units, with a point forecast of 183,800 units.

Next year, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia are expected to see a rise in migration. Bob Dugan, CMHC’s chief economist, told Construction Canada Online the economy out West is more driven by commodities.

“This will generate employment and lead to migration for jobs, which, in turn, will increase housing starts,” he explained.

Leave a Comment

Comments

Your email address will not be published. Required fields are marked *