British Columbia - CMHC points to signs of improvement
The Canada Mortgage and Housing Corporation (CMHC) is forecasting growth for British Columbia's housing market in 2014. CMHC's Housing Market Outlook - Canada Edition points to a growing BC economy, expected to expand by 2.5% and putting us ahead of the national average. Additionally, our labour market is forecast to increase 1.0% with a shift to higher levels of full-time employment. Both these indicators point to an increase in homeownership demand and the number of new housing starts:
- Single-family starts of new homes are projected to rise to 9,200 units this year.
- Multiple-family starts of townhomes, condos, etc are projected to remain relatively stable, rising to 18,700 units this year.
So what does all this mean for you?
If you're looking to buy or sell an existing home, you'll have more selection with stable prices. And, if you're looking to buy a new home, the number of homes that will come to market will keep prices in check allowing you to choose the new home you want without fear of prices jumping up or dropping unexpectantly.
Find your new home before other homebuyers even know it's for sale! Click here to get started today.
*Information based on CMHC Housing Market Outlook, Canada Edition, full report available at www.cmhc-schl.gc.ca/odpub/esub/61500/61500_2013_Q04.pdf (BC overview found on page 7).