The Canada Mortgage and Housing Corporation (CMHC) reported Tuesday that it expects housing starts in Canada to regain momentum in the latter part of the year and/or into 2014, as employment, economic growth and net migration are forecast to improve over the forecast horizon. Overall, total annual housing starts are expected to be lower in 2013 compared to 2012, mostly due to moderation observed in the first half of 2013, according to CMHC's Q2 2013 Housing Market Outlook.
On an annual basis, housing starts are expected to range between 173,300 to 192,500 units in 2013, with a point forecast of 182,900 units, following a level of 214,827 units in 2012. In 2014, housing starts are expected to range from 166,500 to 211,300 units, with a point forecast of 188,900 units.
Existing home sales are expected to range from 412,000 to 474,800 units in 2013, with a point forecast of 443,400 units, following a level of 453,372 in 2012.