“CMHC’s latest forecast calls for a slight moderation in multi-unit starts during 2015, which will be offset by an increase in single-detached starts,” Bob Dugan, chief economist for CMHC said in a recent release. “Looking ahead to 2016, expectations are for total starts to moderate as builders focus on reducing their inventories.”
As for the rest of 2014, housing starts are expected to range between 186,300 and 191,700 units for the entire year. 2015 is expected to see 172,800 to 204,000 units.
Meanwhile, brokers can expect moderation in 2016, with the range expected to fall within 168,000 and 205,800 units.
“The trend for housing starts has been up in recent months, particularly in multi-unit structures. This has been broadly supported by key factors such as employment, disposable income and net migration, which are expected to continue to be supportive of the Canadian housing market over the 2014-2016 forecast horizon,” Dugan said.
The trends are expected to extend to sales as well.
“MLS sales are expected to range between 467,400 and 482,000 units in 2014, with a point forecast of 476,100 units. In 2015, sales are expected to range from 457,300 to 507,300 units, with a point forecast to 482,500 units,” the CMHC release states. “For 2016, resales are forecast to range from 448,000 units to 508,000 units, with a point forecast of 477,200 units.”
It’ll be business as usual for brokers in 2015, according to recent CMHC data.