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Manitoba homes market expected to stay strong

By: Staff Writer

Tuesday, Aug. 14, 2012 at 10:54 AM | Comments: 0

JONATHAN ERNST / REUTERS ARCHIVES Enlarge Image

WINNIPEG — Manitoba’s new- and resale-homes markets are showing no signs of slowing down, according to the third-quarter market forecast from Canada Mortgage and Housing Corporation.

Although CMHC’s national forecast calls for a moderation in Canada’s new- and existing-homes markets this year and in 2013, it predicts activity will remain elevated on all fronts in Manitoba.

It said housing starts are expected to grow from 6,083 units in 2011 to 6,800 this year and 6,900 in 2013.

MLS sales are expected to jump from 13,944 units last year to 14,200 this year and to 14,400 next year.

And the average MLS selling price is expected to increase by 4.7 per cent this year to $245,700 from $234,604 in 2011, and by 3.4 per cent to $254,000 in 2013.

Nationally, the Ottawa-based agency isn’t calling for a major decline, but its latest forecast suggests next year will be somewhat softer than estimates CMHC issued in June while 2012 may be somewhat stronger than previously expected.

CMHC has been saying for some time that it expects housing prices in most local markets will grow more slowly than they have been recently.

It says housing starts and home sales have been strong in 2012 — particularly when it comes to multiple-dwelling units such as condos and apartments — but will soften moderately in coming months into 2013.

— with files by Canadian Press

murray.mcneill@freepress.mb.ca

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