New housing set to rise, CMHC says

Posted by Rumin Mann
February 28th, 2011

New housing construction in British Columbia will trend higher over the next two years, hitting 26,900 units by the end of this year and 29,000 units in 2012, says a forecast released by Canada Mortgage and Housing Corporation today.

The federal agency said in its Housing Market Outlook the existing home market is expected to stabilize in 2011, then strengthen in 2012.

“A stable existing home market, combined with positive economic factors, support the conclusion that the residential construction outlook will continue to be balanced, providing opportunities for both developers and home buyers,” said Carol Frketich, B.C. regional economist for Canada Mortgage and Housing Corp.

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