Around Town – Victoria Housing Market Outlook
According to Canada Mortgage and Housing Corporation’s (CMHC) Second Quarter Victoria Housing Market Outlook report, Victoria Census Metropolitan Area (CMA) new home construction is forecast to decline five per cent to 1,600 starts in 2014 and to increase in 2015 to 1,800 units housing starts.
“Demand for new homes in the Victoria Area will be supported through the forecast horizon by modest employment and population growth, combined with low mortgage interest rates,” said Robyn Adamache, CMHC’s Senior Market Analyst. “An increase in single-detached home starts is expected to offset some of the decline in multiple-unit construction projected for this year. In 2015, an anticipated up-tick in employment and lowerinventories of completed and unabsorbed new multiple-unit homes will underpin a moderate increase in multiples construction.”
MLS® sales are expected to maintain a steady pace this year and next. In 2014, sales are forecast to be on par with last year’s level at 5,700 transactions, and in 2015 sales will edge higher to 5,800 homes changing hands. The average MLS® home price is forecast to increase 1.6 per cent in 2014 to reach $488,800, and to edge up to $492,000 in 2015.
For information on this release:
Market Analysis Contact:
Robyn Adamache, Senior Market Analyst
Phone 604-737-4144 or 604.787.9659
Editor’s Note: We have included the Victoria statistics in this report, as sales of other real estate on Vancouver Island tends to follow Victoria’s trend.
