Canada Mortgage and Housing Corporation’s (CMHC) second quarter highlights important regional differences in housing activity. Housing starts at the national level are expected to slow in 2016 and 2017, while MLS® sales will reflect renewed economic growth in 2016 before falling back slightly in 2017.
- Annual housing starts are expected to range from 181,300 units to 192,300 units in 2016 and from 172,600 units to 183,000 units in 2017.
- Multiple Listing Service® (MLS®) sales are expected to range from 501,700 units to 525,400 units in 2016 before dropping into a lower range of 485,500 units to 508,400 units in 2017.
- The average MLS® price is forecast to be between $474,200 and $495,800 in 2016 and between $479,300 and $501,100 in 2017.
- There will be strong variations in housing market activity across provinces. Slower growth in oil-producing provinces such as Alberta, Saskatchewan and Newfoundland and Labrador will be partly offset by increased activity in British Columbia and Ontario.
As a first step in this ongoing process, the present edition incorporates forecast ranges for housing variables as well as an expanded discussion on the risks to the forecast.