Steve Baldwin

REALTOR®

Working with you EVERY Step of the Way! 

Cell: 604.317.7810 |

Categories
RSS

Housing Activity to Stabilize in 2010 and 2011

OTTAWA, May 19, 2010 — Housing starts rebounded in the second half of 2009 and early 2010 and will stabilize over the next two years, according to Canada Mortgage and Housing Corporation’s (CMHC) second quarter .

Following a total of 149,081 units in 2009, housing starts are expected to be in the range of 166,900 to 199,600 units in 2010, with a point forecast of 182,000 units. In 2011, housing starts will be in the range of 148,600 to 208,800 units, with a point forecast of 179,600 units.

“Canadian housing markets have recovered from the low levels posted in early 2009,” said Bob Dugan, Chief Economist for CMHC. “Moving forward, housing starts will moderate as activity becomes more in-line with long term demographic fundamentals. New measures for government-backed mortgage insurance introduced by the Government of Canada that took effect on April 19, 2010 will continue to support the long-term stability of Canada's housing market.”

Mr. Dugan also noted that the existing home market will move toward balanced conditions over the next two years as MLS®1 sales ease and inventory levels increase. In late 2009 and early 2010, sales activity included some pent-up demand from early 2009. Once this demand is exhausted, and as mortgage rates gradually rise, the pace of activity in the resale market will ease. As a result, existing home sales will be in the range of 484,000 to 513,300 units in 2010, with a point forecast of 497,300 units, and then move slightly lower in 2011 to be in the range of 443,500 to 504,900 units, with a point forecast of 473,500 units.

With an improved balance between demand and supply, the average MLS® price is expected to stabilize through the end of 2010 and then rise modestly in 2011.

Read

 
Prime Lending Rate Increases 0.25% to 2.75%

The Bank of Canada raised its benchmark interest rate by 25 basis points for the second time in two months, even as households and governments in the developed world continue to cut back on spending.

The rate is now 0.75 per cent. The bank said any further increases "would have to be weighed carefully against domestic and global economic developments."

The central bank became the only one in the Group of Seven to hike its key lending rate after keeping it at unprecedented lows during the recession.

While economic growth in Canada has largely relied on consumer spending, the bank now projects that business and trade will make up a larger part of the country's gross domestic product, but overall growth won't be as large as the bank previously thought.

The bank now estimates that Canadian GDP will expand 3.5 per cent in 2010 and 2.9 per cent in 2011, down from the previous projection of 3.7 per cent and 3.1 per cent respectively,


Read
Categories:   Ambleside, West Vancouver Real Estate | Blueridge NV, North Vancouver Real Estate | Boulevard, North Vancouver Real Estate | Braemar, North Vancouver Real Estate | British Properties, West Vancouver Real Estate | Calverhall, North Vancouver Real Estate | Canterbury WV, West Vancouver Real Estate | Canyon Heights NV, North Vancouver Real Estate | Capilano NV, North Vancouver Real Estate | Cedardale, West Vancouver Real Estate | Central Lonsdale, North Vancouver Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | Chartwell, West Vancouver Real Estate | Citadel PQ, Port Coquitlam Real Estate | Coquitlam West, Coquitlam | Coquitlam West, Coquitlam Real Estate | Cypress Park Estates, West Vancouver Real Estate | Deep Cove, North Vancouver Real Estate | Delbrook, North Vancouver Real Estate | Dollarton, North Vancouver Real Estate | Downtown VW, Vancouver West Real Estate | Dunbar, Vancouver West Real Estate | Eagle Ridge CQ, Coquitlam Real Estate | East Burnaby, Burnaby East Real Estate | Edgemont, North Vancouver Real Estate | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | Forest Glen BS, Burnaby South Real Estate | Forest Hills BN, Burnaby North Real Estate | Fraserview NW, New Westminster Real Estate | Gibsons Real Estate | Glenmore, West Vancouver Real Estate | Glenwood PQ, Port Coquitlam Real Estate | Grouse Woods, North Vancouver Real Estate | Hamilton RI, Richmond Real Estate | Hamilton, North Vancouver Real Estate | Harbour Place, Coquitlam Real Estate | Harbourside, North Vancouver Real Estate | Hastings, Vancouver East | Hastings, Vancouver East Real Estate | Horseshoe Bay WV, West Vancouver Real Estate | Indian River, North Vancouver Real Estate | Kerrisdale, Vancouver West Real Estate | Kitsilano, Vancouver West Real Estate | Langley City, Langley Real Estate | Lower Lonsdale, North Vancouver Real Estate | Lynn Valley, North Vancouver Real Estate | Lynnmour, North Vancouver Real Estate | Maillardville, Coquitlam Real Estate | Marpole, Vancouver West Real Estate | Mosquito Creek, North Vancouver Real Estate | Norgate, North Vancouver Real Estate | North Vancouver Real Estate | Northlands, North Vancouver Real Estate | Northwest Maple Ridge, Maple Ridge Real Estate | Pemberton Heights, North Vancouver Real Estate | Pemberton NV, North Vancouver Real Estate | Point Grey, Vancouver West Real Estate | Port Moody Centre, Port Moody Real Estate | Princess Park, North Vancouver Real Estate | Queensbury, North Vancouver Real Estate | Quilchena, Vancouver West Real Estate | Ranch Park, Coquitlam Real Estate | Roche Point, North Vancouver Real Estate | S.W. Marine, Vancouver West Real Estate | Saunders, Richmond Real Estate | Seymour, North Vancouver Real Estate | Shaughnessy, Vancouver West Real Estate | Simon Fraser Univer., Burnaby North Real Estate | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Upper Delbrook, North Vancouver Real Estate | Upper Lonsdale, North Vancouver Real Estate | Vancouver Real Estate | West Vancouver Real Estate | Westlynn, North Vancouver Real Estate | Windsor Park NV, North Vancouver Real Estate | Woodland Acres PQ, Port Coquitlam Real Estate | Yaletown, Vancouver West Real Estate
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.