As we round the corner from summer to fall, CMHC has once again produced their Housing Market Outlook for the most recent economic quarter. Included, as always are summary statistics of where we’ve been and where we’re expected to be headed in the coming months and short-term future.
As mentioned previously, despite the more dramatic and exciting daily ups and downs that we read, watch and hear in the news media, we here at Trimor choose to look at the bigger picture and follow an aggregate perspective of the banks’ chief economists and the national housing agency, CMHC. Why? CMHC has been around for more than 60 years helping Canadians achieve home ownership and 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.
So… back to the main point of focus: where are we headed?
According to the report, the second half of 2009 and early 2010 reflected a rebounding of activity, housing starts are expected to moderate through the rest of 2010. Looking forward into 2011, CMHC’s chief economist Bob Dugan states in the report that “Housing starts will moderate in the coming months as activity becomes more in-line with long term demographic fundamentals”
The report also projects through 2011, that national MLS sales will move lower into a more balanced range of 425,000 to 490,700 units, with a total estimated forecast of 456,000 units.
For the reports themselves, please follow these links:
Q3, 2010 Housing Market Outlook and August 2010 edition of CMHC’s Housing Now Canada
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Helping you understand the Canadian mortgage and housing markets,
James C. Tworek and the Trimor team!
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August 31st, 2010 → 11:24 am @ Trimor team