The Canadian Mortgage and Housing Corporation has released it’s new Spring 2012 edition of CMHC’s housing Market Outlook for Calgary. I have simply taken some key points that I thought were interesting and hopefully you find them interesting as well.
To view a full copy of their report click here
http://www.cmhc-schl.gc.ca/odpub/esub/64339/64339_2012_B01.pdf
If you like the information you can sign up with CMHC and receive their reports in your inbox . Check out available reports directly from CMHC
New Housing
Total housing starts are forecast to rise 25% in 2012. Single Family home starts are forecast to rise by 12% while multi family starts are forecast to increase by 40 % in 2012.
Resale Housing
CMHC is forecasting that MLS Sales will increase by 9% in 2012.
The average price is forecast to increase by 1.8% in 2012
Rental Market
The vacancy rate is forecast to decline again in 2012 putting upward pressure on rental prices.
Economic Overview
Employment is expected to increase by 2.9% in 2012
Average weekly earnings increased in the first quarter of 2012, up five per cent year-over-year
Migration flows to Calgary are expected to increase as labour market conditions improve
As a result, net migration in 2012 is forecast to reach 17,000 migrants, up 52 per cent from 2011
Mortgage Rate Outlook
Although there is significant uncertainty, consensus forecasts suggest that interest rates are not expected to rise until at least later in 2012, but will remain low by historical standards, thus supporting the Canadian housing market.
Gord
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