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CMHC lifts new home starts forecast

Canada Mortgage and Housing Corporation said in a report released yesterday that new home construction will decline less this year than had been earlier forecast as the country benefits from strong job growth and higher incomes.

About 215,475 homes will be built this year, up from a May forecast of 214,650 units, the Ottawa-based CMHC said today. New home construction will drop from last year's 228,343 units.

"Strong economic fundamentals such as continuing high employment levels, rising incomes and low mortgage rates will provide a solid foundation for healthy housing markets this year, Bob Dugan, CHMC's chief economist, wrote in the report.

August 16, 2008 in Canadian Market Forecast | Permalink

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Comments

This is a good forecast that the market will keep a healthy trend this year. I think the investors are going to get a good time here in the market this time and they surely will get more for them.

Posted by: Property in Brazil | Aug 20, 2008 6:26:14 AM

Sure, Bob. Sure.

Posted by: karim kanji | Aug 18, 2008 4:06:32 PM

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