According to Canada Mortgage and Housing Corporation(CMHC) Saskatoon housing starts and MLS® resale activity will move in opposite directions, this year and next.
In their fall Housing Market Outlook for the Saskatoon area, CMHC is forecasting that Saskatoon housing starts will finish 2010 at 2,125 units, up from 1,936 in 2009, before falling to just 1,700 in 2011. Conversely, resale MLS® activity is expected to fall to 3,500 units this year, down from 3,822 in 2009, and then increase to 3,600 units in 2011.
On the heels of a 7.9% decline in 2009, CMHC economists expect the New Housing Price Index to increase by 2.7% this year before it moves 2.9% higher in 2011. Resale prices, after moving to $291,000 this year from $278,895 in 2009 will moderate and advance less than two percent to $296,000 next year.
Nationally, CMHC forecasts housing starts to rise from 149,081 in 2009 to 186,200 by the close of 2010 when they will begin to drop and fall to 174,800 in 2011. MLS® resale activity is forecast to rise from 320,362 in 2009 to 336,800 this year before increasing further to 339,800 in 2011.
The CMHC Housing Market Outlook for Saskatoon is here. The CMHC Housing Market Outlook for Canada is here.
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Norm Fisher
Royal LePage Vidorra
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