Housing Starts Rebound in 2010
According to Canada Mortgage and Housing Corporation’s (CMHC’s) latest outlook housing starts will rise moderately in Atlantic Canada in 2010 following an expected decline in 2009. Both singles and multiples will decline this year as economic growth continues to be affected by the global slowdown. “A gradual recovery is expected in 2010. The housing sector in Atlantic Canada is forecast to show positive growth of over four per cent next year. A favourable interest rate environment for consumers and additional fiscal and monetary stimulus, will provide support for positive economic growth and housing activity in 2010,” said Alex MacDonald, regional economist, with CMHC’s Atlantic Business Centre. Low vacancy rates will support an increase in multiples activity, as builders begin to refocus their efforts in 2010. Demographic trends related to an aging population and improving financial conditions will also help support a rebound in the year ahead. As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.