CMHC: Population Growth

CMHC Dept: For 2014, CMHC calls for stronger economic and employment growth, leading to higher levels of resale activity and construction, as well as modest home price growth in B.C, according to Vancouver Sun. "While employment and population growth would suggest a higher level of resale activity than projected, a number of factors are dampening sales. These factors include a reduced inventory of homes for sale as some sellers choose to let their listings expire rather than accept lower prices, and buyers take a wait-and-see attitude as existing home prices moderate in the Vancouver and Victoria housing markets," CMHC said in its forecast, which calls for a slight dip in the average MLS price to $511,200 in 2013, and then a subsequent rise to $524,000 in 2014 and immigration and better economic prospects in B.C. will bring a boost in existing home sales and new home construction in 2013, compared to last year, but both will remain below their 10-year averages, according to Canada Mortgage and Housing Corp. The forecast for resales is 73,000 units in 2013 and 79,500 in 2014, again below the 10-year average of 86,500 units. (www.immigrantscanada.com). As reported in the news.