CMHC: Housing Activity to Moderate in 2011

OTTAWA, November 15, 2010 - Quebec's residential real estate market is expected to cool in 2011, with the pace of new construction slowing and resale housing prices growing by a modest 2.5 per cent, forecasts by Canada Mortgage and Housing Corp. show.

“High employment levels and low mortgage rates will continue to support demand for new homes in 2011. Nevertheless, housing starts will decrease to levels are more in-line with long term demographic fundamentals next year,” said Bob Dugan, Chief Economist for CMHC.

Mr. Dugan also noted that the existing home market conditions will remain balanced over the next two years as MLS® sales ease and inventory levels remain elevated. Existing home sales will be in the range of 423,800 to 455,900 units in 2010, with a point forecast of 440,300 units.  In 2011, MLS® sales will move lower and are expected to be in the range of 390,600 to 483,700 units, with a point forecast of 438,400 units.

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Marlene Ofter

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