Housing Demand in Halifax to Stabilize

Construction/Building — November 5, 2012

HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 5, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - Halifax report, moderate economic growth and positive net migration will result in continued demand for housing in Halifax over the forecast period.

"Positive net migration, employment growth and moderate increases in economic activity will result in continued demand for all types of housing in the HRM over the forecast period," said Matthew Gilmore, senior market analyst with CMHC's Atlantic Business Centre.

"In the new home construction market, single-detached starts are expected to increase 11 per cent in 2012 to 1,000 units before climbing to 1,050 units in 2013. On the multiples side, coming off of a strong 2011, expect apartment starts to decline to 1,200 units this year before increasing to 1,300 in 2013," said Gilmore.

"In the existing homes market, MLS^® sales are forecast to increase eight per cent in 2012 to 6,400 units. In 2013, expect further growth of nearly five per cent to 6,700 units," added Gilmore.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

MLS^® is a registered trademark of the Canadian Real Estate Association.

Additional data is available upon request

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Contact Information

Market Analysis Contact:
Matthew Gilmore
902-426-4686
Cell: 902-499-4382
mgilmore@cmhc.ca

Media Contact:
Caroline Arsenault
902-426-8127
Cell: 902-452-4448
cmarsena@cmhc.ca