According to CMHC, Canadian housing starts will be in the range of 164,000 to 212,700 units this year, with a point forecast of 190,000 units. In 2013, housing starts will be in the range of 168,900 to 219,300 units, with a point forecast of 193,800 units. Existing-home sales will be in the range of 406,000 to 504,500 units this year, with a point forecast of 457,300 units. Next year, multiple listing service (MLS) sales are expected to move up in the range of 417,600 to 517,400 units, with a point forecast of 468,200 units.
CMHC also predicts the average MLS will be between $330,000 and $410,000 this year and between $335,000 and $430,000 next year.
‘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,’ says Mathieu Laberge, deputy chief economist at CMHC.
CMHC's full report is available online.