Canadian housing starts set for quick rebound

OTTAWA, Ont. Canada Mortgage and Housing Corporation (CMHC) expects housing starts to regain momentum in the later part of the year and/or into 2014, as employment, economic growth and net migration are forecast to improve over the forecast horizon. Overall, total annual housing starts are expected to be lower in 2013 compared to 2012, mostly due to moderation observed in the first half of 2013, according to CMHC’s second quarter 2013  Housing Market Outlook.

On an annual basis, housing starts are expected to range between 173,300 to 192,500 units in 2013, with a point forecast of 182,900 units, following a level of 214,827 units in 2012. In 2014, housing starts are expected to range from 166,500 to 211,300 units, with a point forecast of 188,900 units.

Existing home sales are expected to range between 412,000 to 474,800 units in 2013, with a point forecast of 443,400 units, following a level of 453,372 in 2012. In 2014, Multiple Listing Service (MLS) sales are expected to range from 435,800 to 501,400 units, with an increase in the point forecast to 468,600 units.

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