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CMHC Housing Outlook Report Predicts Stability

CMHC’s Housing Outlook report for Fall 2015 predicts a stable market in Greater Victoria through 2017 with somewhat rising sales and prices. Here are the highlights:

Highlights

  1. Housing starts are forecast1 to total 1,950 units in 2015 to meet growing demand from new residents before stabilizing at 1,900 units in 2016 and 1,875 units in 2017 as mortgage interest rates edge higher.
  2. MLS® sales are expected to maintain a level of activity above the 10-year average in 2016 and 2017 as the economy and employment improve.
  3. The rental vacancy rate is expected to fall from 1.4 per cent in 2015 to 1 per cent in 2016, as rental demand is forecast to exceed new additions to supply. As new apartments are completed in 2017, the vacancy rate is expected to rise slightly to 1.2 per cent.
  4. Economic fundamentals, including employment and population growth, will support a stable housing market through 2016 and 2017.

Here is the full report.

 

 

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