Your Weekly Construction Briefing
The Spring 2021 edition of CMHC’s Housing Market Outlook anticipates emerging trends in Canada’s new home, resale and rental housing markets. It includes a general outlook for all of Canada with highlights for each major city.
Predictions for Victoria include:
- Resale activities are expected to increase this year and decline by 2023 due to slowly rising borrowing costs.
- Prices will grow, but at a progressively slower pace over the next three years as competition among buyers tapers off.
- Housing starts will accelerate in 2021 in response to heightened demand.
Overall, due to the increasingly competitive sellers’ market conditions and to affordability challenges, the momentum in the single-detached segment is not expected to extend past 2021, and multi-family construction will drive housing starts thereafter. Housing starts are expected to align with their 10-year average by 2023.
To read the complete report, visit link: bit.ly/cmhcspring21.
Building Links Construction Reports and Statistics: The weekly #1 construction projects resource for 27 years. New and updated projects, permits, tenders, and industry connections for Vancouver Island – Central North, West Coast and Powell River. Helping you build connections so you can build communities! Where are you getting your information from? Support local trades – Subscribe Now!
