Winnipeg Free Press - PRINT EDITION

New-home market still very healthy

  • Print

I just received a very well-written housing projection report covering 10 key Canadian urban centres for 2013.

Of the 10 cities, only Calgary was expected to see an increase in housing starts from 2013 over 2012. The rest were projected to decline.

Bad news? Housing bubble? Fiscal cliff? Absolutely not!

Calgary is increasing steadily because its 2012 numbers were only marginally better than its 10-year average from 2001 to 2010. Vancouver has been having problems recently and will fall below its 10-year average. Montreal will also see an end to its growth period for the past number of years and slow down considerably.

As for the rest of Canada, this fall does not have many negative aspects to it. Edmonton will fall to its average during the boom years. Saskatoon will fall to twice the volume it had been experiencing for 10 years. Regina will fall to a 230-per-cent increase over its 10 year average. Toronto will fall from its greatest year in decades to above what it has been averaging. Halifax will fall to above its average.

Finally, Winnipeg is projected to fall from a 2012 that saw the most starts in more than 25 years to a considerable 44-per-cent increase over its 10-year average.

Housing markets in Canadian cities have cause to celebrate, not worry about a decline from the previous year.

Resale inventories remain low throughout much of Canada, as only Vancouver and Montreal can be considered buyer's markets. Everywhere else is a seller's market, making the new-home option a very attractive one. New-home and resale-home prices continue to increase in every market except Vancouver.

Household growth still will be focused on single-family detached dwellings on the Prairies, whereas the eastern part of Canada tends to focus more on multi-family. At the low end of the single-detached is Vancouver, with Toronto, Ottawa, Montreal and Halifax not far behind.

Winnipeg leads all of Canada in single-family detached growth, with Saskatoon, Regina and Calgary next in line.

So, although it appears as though new-home starts will experience a decline in 2013, one must remember that the decline is from record numbers this year. The new-home market across Canada will still remain very healthy.

Mike Moore is president of the Manitoba Home Builders' Association.

 

Republished from the Winnipeg Free Press print edition December 22, 2012 F5

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

The Whiteboard - Jets' 5-on-3 penalty kill

View more like this

Photo Store Gallery

  • A young gosling prepares to eat dandelions on King Edward St Thursday morning-See Bryksa 30 Day goose challenge- Day 17- bonus - May 24, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Young goslings jostle for position to take a drink from a puddle in Brookside Cemetery Thursday morning- Day 23– June 14, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

What's your take on the Jets so far this season?

View Results

View Related Story

Ads by Google