OTTAWA — According to the latest housing report released by the Canada Mortgage and Housing Corporation (CMHC), the Canadian market is projected to experience a ‘soft landing’ through the remainder of 2014.
"Recent trends have shown an increase in housing starts, which is broadly supported by demographic fundamentals," said CMHC chief economist Bob Dugan. "However, our latest forecast calls for starts to edge lower as builders are expected to reduce inventories instead of focussing on new construction."
Housing starts are expected to range between 179,600 and 189,900 units in 2014, with a point forecast of 184,800 units.
The following year can see housing starts range from 163,000 to 203,200 units, with a point forecast of 183,100 units.
Sales through the Multiple Listing Service (MLS) are projected to range between 450,800 and 482,700 units in 2014.
In 2015, sales are expected to slightly rise, ranging from 455,8000 to 502,900 units.
The average MLS selling price in 2014 is forecast between $394,700 and $405,700.
That price range will see a slight increase in 2015 between $396,500 and $416,900