B.C. housing starts are forecast to increase to 28,500 in 2012, from 26,400 in 2011, according to Canada Mortgage and Housing Corp.'s (CMHC) third quarter Housing Market Outlook British Columbia Highlights report.
The report forecasts that housing starts will then rise to 30,100 homes in 2013.
“This year, growth will be concentrated in multiple-family housing with a stable level of single-detached starts,” said Carol Frketich, CMHC’s B.C. regional economist.
She noted that housing starts thus far in 2012 have been in line with CMHC’s forecast.
“Meanwhile, 2013 will see multi-family housing starts level off, while single detached home starts are forecast to rise,” she added.
The report forecasts that the provincial level resale market will maintain balanced supply and demand conditions during this year and next, although local market conditions will vary. It predicts that sales of existing homes and average resale home prices will moderate in 2012 and increase in 2013.
