Financial Post
Canada’s housing market is expected to see a strong rebound in the second half of this year and into 2010, the federal housing agency said Thursday.
Housing starts will reach 141,900 this year and increase to 150,300 for 2010, according to Canada Mortgage and Housing Corporation.
“Improving activity on the resale market and lower inventory levels in both the new and existing home markets are expected to prompt builders to increase residential construction,” CMHC said.
Bob Dugan, CMHC’s chief economist, said “economic uncertainty and lower levels of employment tempered new housing construction in the first half of this year.”
“In the second half of 2009 and in 2010, we expect housing markets across Canada to strengthen.”
Meanwhile, CMHC said existing home sales have “rebounded strongly since January” and will total 420,700 units in 2009 and 419,400 units next year.
The average sales price is expected to be down for the entire year, to $301,400, before rising to $306,300 in 2010.
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