Westcoast Market Improving

EMBARGO – RELEASE NOVEMBER 2, 2009 AT 8:15 AM

LOWER MAINLAND HOUSING MARKETS IMPROVE

Vancouver - November 2, 2009

Corporation (CMHC), Lower Mainland housing markets will continue to improve in 2010.

Steady population growth through migration, an improving job market and low mortgage

rates will provide support for homeownership demand through 2010.

Home sales will continue at a brisk pace through the remainder of this year and into

2010. More sales combined with fewer active listings will push the average MLS® home

price higher next year. “Home prices in most Lower Mainland centres are still below

their previous peak. Prices will rise as buyers take advantage of lower prices and

favourable mortgage interest rates,” said Robyn Adamache, Senior Market Analyst with

CMHC.

Home starts will pick up over the next 15 months, but remain below levels recorded in

recent years. The upturn in the resale market will contribute to an increase in home

starts as builders see demand returning to the market. New and resale home

inventories are being absorbed, pushing home prices higher and providing an incentive

to start new residential projects.

As Canada's national housing agency, CMHC draws on more than 60 years of

experience to help Canadians access a variety of quality, environmentally sustainable

and affordable homes. 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 vital decisions.

According to Canada Mortgage and Housing

- 30 –

For further information regarding this release contact:

Robyn Adamache, Senior Market Analyst.

Tel: (604) 737-4144

Cell: (604) 787-9659

E-mail:

radamach@cmhc.ca

(Ce document existe également en français)

Mike Sandstra

Mike Sandstra

REALTORĀ®
CENTURY 21 Executives Realty Ltd.
Contact Me

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