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CMHC Housing Market Outlook – Fall 2014

CMHC’s Housing Market Outlook report was released today for Victoria. The full report is here. Single detached starts are expected to increase from 514 in 2013 to 525 by the end of 2014. Overall starts are forecast to decline from 1,600 to 1,525, the reduction coming from multi-family. Housing starts are expected to rebound to 1825 in 2015. Rising interest rates may soften the market in 2016.

New household formation continues to increase from 1,220 in 2013 to a forecast of 1,660 in 2014. An average of 1,940 households are expected to be added annually over the next 5 years up from an average of 1,320 during the past 5 years.

You can monitor the Victoria housing market online at CMHC’s Housing Market Information Portal at https://www03.cmhc-schl.gc.ca/hmiportal/en/#Profile/2440/3/Victoria

CMHC also holds an annual Housing Market Outlook Conference on November 21 the  Delta Ocean Pointe from 8:30 AM until Noon. Providing details on the BC and Victoria markets are Regional Economist, Carol Frketich, Senior Market Analyst, Eric Bond, and Regional Manager, Tom Siems. More information is available in the attachment. Register before November 7th for Early Bird rates at http://www.cmhc-schl.gc.ca/en/evca/evca_002.cfm?event=1253 or by telephone: 1-800-668-2642.

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