CMHC Releases Victoria Outlook

Posted: Nov 15, 2010

 

Greater Victoria housing starts will more than double in 2010 and then stabilize in 2011, according to the Canada Mortgage and Housing Corporation’s Victoria Housing Market Outlook Report, published today.
The CMHC's forecast is for total housing starts in the Victoria Census Metropolitan Area (CMA), which includes Sooke to Sidney, to reach 2,100 units in 2010 and 2,000 units in 2011.
“Housing starts are forecast to remain stable next year, as builders and developers continue to make up for the low level of 2009 activity, and respond to local economic growth and positive migration,” said Travis Archibald, CMHC Senior Market Analyst. “Residential construction activity across the Victoria CMA will surpass the ten-year (2000-2009) annual average of 1,817 housing starts both this year and next.”
The number of MLS sales in 2010 will fall below the ten-year (2000-2009) annual average of 7,131 for Greater Victoria, the report predicted. However, it also states that full-time job growth, stable and low mortgage interest rates, and a leveling off of resale prices will drive a modest increase in the level of MLS transactions from 6,200 in 2010 to 6,750 in 2011.
As Canada's national housing agency, CMHA provides reliable, impartial and up-to-date housing market reports, analysis and knowledge. For more information, visit www.cmhc.ca.
Please note that this blog entry was published more than three months ago. Some details may be outdated.

 

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