Canada's new and existing home markets are expected to moderate through the end of 2012 and into 2013, according to Canada Mortgage and Housing Corporation's (CMHC) Q3 housing market outlook.
"Canada's housing markets are expected to moderate over the rest of 2012 and into 2013 after showing sustained activity levels, specifically in the multiples segment, over the first half of 2012. Balanced market conditions in most local housing markets will result in a slowing in house price growth as well," said Mathieu Laberge, Deputy Chief Economist for CMHC.
On an annual basis, housing starts will be in the range of 196,800 to 217,000 units in 2012, with a point forecast of 207,200 units. In 2013, housing starts will be in the range of 173,000 to 207,400 units, with a point forecast of 193,100 units.
Existing home sales will be in the range of 442,300 to 485,200 units in 2012, with a point forecast of 466,600 units.