Teranet-National house price index continued to rise in July. The index tracks single family home sales in 11 major cities, and is up 4.9% year over year and 4.1% year to date. “On the same day, the Canada Mortgage and Housing Corporation [CMHC] predicted the Canadian housing market would experience a gradual slowing, or soft landing, over the next two years, as builders begin to reduce inventories,” Bob Aggarwal, president of Canadalend, told MHProNews.
Housing starts in the Prairies are expected to hit 52,900 units in 2014, and then moderate to 50,800 in 2015. Ontario, Aggarwal says, is regaining momentum throughout 2014, but will ease in 2015. “Starts in Quebec will be steady in 2014 and 2015 near 38,500 units. In Atlantic Canada, housing starts are forecast to decline close to 14% in 2014 and a further three percent in 2015.” ##
