HALIFAX, November 4, 2011 – Stronger economic and employment growth will result in increased demand for housing in Halifax over the forecast period, according to Canada Mortgage and Housing Corporation’s (CMHC’s) Fall Housing Market Outlook – Halifax report.
“Higher levels of employment and migration supported by the recent shipbuilding contract announcement will result in increased demand for housing over the forecast period,” said Matthew Gilmore senior market analyst with CMHC’s Atlantic Business Centre. “Single-detached housing starts are forecast to decline slightly in 2011 before rebounding in 2012 by as much as 25 per cent. Apartment starts will climb sharply in 2011 to 1,625 units before moderating in 2012 to 1,450 units which is still well above the ten year average of 937 units,” Gilmore added.
MLS® sales are expected to increase by three per cent in 2011 and another five per cent in 2012 as demand begins to increase. Average prices are expected to increase by three per cent in 2011 and six per cent in 2012.
*Courtesy of Canada Mortgage and Housing Corporation
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