Housing starts expected to slip: cmHc

Canadian builders appear poised to pick up the pace of residential construction in the later half of 2013, but the total number of starts will remain below last year’s, according to a forecast issued Tuesday by Canada Mortgage and Housing Corp. In its second-quarter housing market outlook, CMHC estimates between 173,300 and 192,500 units of housing — including singleand multiple-family dwellings — will be started this year, with a mid-point forecast of 182,900 units. That’s down nearly 15% from the 2012 level of 214,827 units. In 2014, housing starts are expected to range between 166,500 and 211,300 units, with a mid-point forecast of 188,900 units, up 3.3% from 2013. The agency also says sales of existing homes are expected to range between 412,000 and 474,800 units in 2013, with a mid-point forecast of 443,400 units, down from the 2012 level of 453,372 sales. In 2014, Multiple Listing Service sales of previously owned homes are expected to range between 435,800 and 501,400 units, with an increase in the mid-point forecast to 468,600 units. The average MLS price is forecast to be between $359,400 and $380,000 in 2013 and between $362,400 and $392,200 in 2014.