CMHC says housing construction will begin to revive but lowers 2014 estimate

OTTAWA – Canada Mortgage and Housing Corp. says the western provinces are helping stabilize construction activity and momentum will build into next year but 2014 housing starts aren’t looking as positive as previously expected.

However, CMHC has lowered its previous estimate for 2014 to about 186,600 units, down 2,300 units from the June estimate of 188,900.

The Ottawa-based government agency is now estimating that between 177,100 and 188,500 housing units will be started this year.

That’s about 182,800 units at the mid-point, down from 214,827 housing starts last year but about the same as in the previous forecast issued in June.

“CMHC expects single-detached units and housing units built in the western provinces to account for a higher share of total housing starts over the forecast horizon,” said Mathieu Laberge, CMHC’s deputy chief economist.