BC Housing Market Outlook 2015 & 2016

CMHC BRITISH COLUMBIA 

HOUSING MARKET OUTLOOK
FOR 2015 AND 2016

VICTORIA – October 30, 2014 – Housing starts in British Columbia are forecast to total 28,300 homes in 2015 and 29,000 homes in 2016 according to the latest outlook from Canada Mortgage and Housing Corporation (CMHC).

“Total housing starts will edge higher as resale market conditions remain balanced and the supply of completed and unabsorbed (unsold) new homes trends lower,” noted Carol Frketich, CMHC’s BC Regional Economist. “Housing demand will be supported by employment and population growth, but tempered by gradually rising mortgage interest rates.”

Resale market conditions in the province are projected to remain balanced:

• Existing home sales through the Multiple Listings Service (MLS®) are forecast to total 79,200 units in 2015 and 79,300 units in 2016.
• The average home price is forecast at $566,300 in 2015 and $573,000 in 2016.

Detailed CMHC housing market forecasts for the Vancouver, Abbotsford-Mission, Victoria and Kelowna Census Metropolitan Areas (CMAs) are available in the CMA Fall Housing Market Outlook reports. In addition, forecasts for the cities of Prince George, Kamloops and Nanaimo are available in the Fourth Quarter Housing Market Outlook British Columbia Highlights report.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.