According to Canada Mortgage and Housing Corporation’s (CMHC) Second Quarter Housing Market Outlook British Columbia Highlights report, housing starts in British Columbia are forecast to range between 26,400 and 29,800 units this year, rising to 26,100 to 30,500 units in 2016.
“Housing starts remain relatively stable this year and next, supported by growth in employment and population,” 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.”
Resale market conditions are forecast to remain balanced, although this may differ in some centres and by home type. Existing MLS®1 home sales will be boosted by job and population growth and low mortgage interest rates. Sales will range from 82,300 to 93,100 transactions in 2015 and between 78,700 to 91,800 transactions in 2016.
The MLS® average price is forecast to be between $573,700 and $627,500 in 2015, edging higher to $577,000 to $652,000 in 2016.
Detailed CMHC housing market forecasts for the Vancouver, Abbotsford-Mission, Victoria and Kelowna Census Metropolitan Areas (CMAs) are available in the CMA Spring Housing Market Outlook reports. In addition, forecasts for the cities of Prince George, Kamloops and Nanaimo are available in the Second Quarter Housing Market Outlook British Columbia Highlights report.
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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1 MLS® is a registered trademark of the Canadian Real Estate Association (CREA).