Construction/Building — November 5, 2012Housing Starts to Decline in New Brunswick
MONCTON, NEW BRUNSWICK--(Marketwire - Nov. 5, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - Saint John, Moncton and Fredericton report, residential construction in New Brunswick's large urban centres is expected to decline in both 2012 and 2013.
"A reduction in demand for new homes, particularly single-detached homes, in New Brunswick's three large urban centres, will produce fewer total housing starts in 2012, with a further moderate decline in 2013," said Claude Gautreau, CMHC's Senior Market Analyst for New Brunswick. The decline in demand and resulting decrease in residential construction activity will stem, in part, from muted economic growth over the forecast period combined with weakening employment.
The general trend in the resale market is expected to be similar in 2012 and 2013, with fewer homes expected to be sold over the forecast period. "Slowing sales activity observed in provincial urban centres since the start of 2012 will remain to the end of this year and extend into 2013, limiting price growth," added Gautreau.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.
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