Vancouver Census Metropolitan Area (CMA) housing starts are forecast to remain steady as MLS® home sales increase in 2014, according to Canada Mortgage and Housing Corporation's (CMHC) Fall 2013 Vancouver and Abbotsford-Mission Housing Market Outlook Report. Vancouver CMA housing starts are forecast at 18,400 homes in 2014, marginally higher than the 18,200 homes projected for 2013.
"Higher inventories of completed and unabsorbed housing are expected to moderate the level of new home construction in the Vancouver CMA," explained CMHC Market Analyst Lance Jakubec, "In the Abbotsford-Mission CMA, multiple-family construction, including new rental units, will push housing starts to about 800 homes in 2014, up from a projected 665 in 2013."
MLS® sales in the areas covered by the Real Estate Board of Greater Vancouver have rebounded in the second half of 2013 and this momentum is forecast to propel 2014 existing home sales to 29,000 sales, compared to a projected 26,800 sales in 2013. Improving economic fundamentals as well as pent-up demand built up during mid-2012 to mid-2013 will support ncreasing sales and prices in 2014.
Vancouver's apartment vacancy rate is expected to move higher in 2013 and 2014. The number of purpose-built rental apartments started increased in 2013 and some of this momentum will likely carry over into 2014, adding to the rental stock.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
For more information, visit www.cmhc.ca
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