Canada's housing markets are expected to remain steady in 2012 and 2013, according to a Canada Mortgage and Housing Corp. (CMHC) report released this morning.
"With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011," said Mathieu Laberge, deputy chief economist for CHMC.
CMHC is forecasting between 164,000 and 212,700 home starts in 2012 and between 168,000 and 219,300 unit starts in 2013.
For existing sales, CMHC is predicting that between 406,000 and 504,500 units will be sold this year and between 417,600 and 517,400 next year.
CMHC is predicting an average Multiple Listing Service housing price to be between $330,000 and $410,000 this year and between $335,000 and $430,000 in 2013.
Earlier this month, CMHC released numbers showing that Vancouver housing starts had climbed 8% in January 2012 relative to January 2011.
