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Resale house prices expected to climb in 2014: CMHC

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Sales of existing homes through the Multiple Listing Service (MLS) are expected to rebound to 13,800 units.

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Sales of existing homes through the Multiple Listing Service (MLS) are expected to rebound to 13,800 units.

Homebuilding activity in Manitoba will ease in 2014 after four straight years of growth, while sales of existing homes are expected to rebound and selling prices will continue to climb, according to the latest forecast from Canada Mortgage and Housing Corporation.

In its Fall 2013 forecast released today, the national housing agency said housing starts in the province are expected to reach 7,400 units by the end of this year — an increase of 2.3 per cent from 2012’s total of 7,242 — before falling back to 7,100 units in 2014.

Sales of existing homes through the Multiple Listing Service (MLS) are expected to rebound to 13,800 units after falling to 13,700 this year from 14,008 in 2012.

And the average MLS selling price is expected to climb to $264,600 next year from $256,500 in 2013 and $246,318 in 2012.

"While construction is expected to remain elevated over the near term, conditions supporting housing demand are easing, including lower levels of international immigration and moderating job and income growth," said Dianne Himbeault, CMHC’s Senior Market Analyst for Winnipeg. "These factors will contribute to a slightly lower number of starts in 2014."

Nationally, CMHC tweaked its 2013 and 2014 forecasts for housing starts. It now expects slightly more housing starts this year and slightly fewer in 2014 than in the previous outlook issued in August.

That will result in a period of relative stability, although both years will be slower than 2012, when there were 214,827 housing units started.

The new forecast is for between 179,300 and 190,600 units this year, with a mid-point of 185,000 units. That’s up from the previous 2013 forecast of 182,800 starts — an increase of 2,200 that is almost offset by a lower forecast for 2014.

— Staff/Canadian Press

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