TheStar.com - Athome - Housing starts seen slowing
TheStar.com - Athome - Housing starts seen slowing: "Canada Mortgage and Housing Corp. says the housing construction boom will slow this year, predicting starts will ease to 213,425 units after hitting 227,395 units in 2006.
In its second-quarter Housing Market Outlook, the corporation predicts that residential construction will continue to decline in 2008 to 200,175 units.
That still means seven consecutive years in which housing starts exceed 200,000 units.
The corporation says higher mortgage carrying costs and the erosion of demand that built up in the 1990s will mean fewer starts, but sales of existing homes will remain strong, forecasting 487,500 transactions this year. Prices for existing homes are forecast to grow almost 10 per cent this year, mainly because of strong price pressures in the West."
In its second-quarter Housing Market Outlook, the corporation predicts that residential construction will continue to decline in 2008 to 200,175 units.
That still means seven consecutive years in which housing starts exceed 200,000 units.
The corporation says higher mortgage carrying costs and the erosion of demand that built up in the 1990s will mean fewer starts, but sales of existing homes will remain strong, forecasting 487,500 transactions this year. Prices for existing homes are forecast to grow almost 10 per cent this year, mainly because of strong price pressures in the West."
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