- CNTV English - CCTV News

Homepage > News > Biz >

Canada to have slower growth in housing market next year

08-15-2012 09:20 BJT

by Christopher Guly

OTTAWA, Aug. 14 (Xinhua) -- Housing market in Canada will lose some of momentum for development next year, the country's national housing agency predicted Tuesday.

Canada Mortgage and Housing Corp. (CMHC) said that following two consecutive quarters of growth this year, total housing starts are estimated to be 207,200 units in 2012, but that number will fall to 193,100 units next year.

An increase in large multiple-unit projects has generated a recent spike in the new home market, partly due to high levels of pre-sales of condominiums in Canada's three largest cities: Toronto, Montreal and Vancouver. That multi-unit activity is expected to moderate next year, according to CMHC.

The resale market, however, is forecast to grow slightly next year.

CMHC predicted that existing home sales, done via the Canadian Real Estate Association's Multiple Listing Service, are expected to total 466,600 units this year and rise to an estimated 469,600 units next year.

The Canadian agency also forecasted the average price of a listed home will top 377,300 Canadian dollars (379,957 U.S. dollars) next year, comparing 368,000 Canadian dollars this year. It also cited factors including low mortgage rates, a falling national unemployment rate, and an increase in net international migration to Canada for the country's sunny outlook of housing market.



Editor:James |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program