CMHC says outlook for home construction still good for 2014-15

OTTAWA – Canada Mortgage and Housing Corp. says the outlook for home construction still looks good for this year and next.

It says economic and demographic fundamentals continue to be supportive of new building.

But its second quarter Housing Market Outlook says it expects builders to balance their efforts, particularly with respect to multi-family units, in order to manage inventory levels.

On an annual basis, it says housing starts are expected to range between 172,300 and 189,900 units in 2014, with a point forecast of 181,100 units.

That is down from 187,923 units in 2013.

In 2015, housing starts are expected to range from 160,600 to 203,600 units, with a point forecast of 182,100 units.