EDMONTON, ALBERTA--(Marketwire - Nov. 27, 2012) - Alberta's housing markets will be discussed today at Canada Mortgage and Housing Corporation's (CMHC) annual Edmonton Housing Outlook Conference. The event, held at the Shaw Conference Centre, attracts more than 400 housing industry representatives to hear CMHC experts present on economic, demographic, and other factors impacting Alberta's major housing markets; namely Edmonton, Calgary, Wood Buffalo and Grande Prairie.
Housing Starts across Alberta are expected to reach 32,400 units in 2012 up from 25,704 in 2011. In 2013, housing starts will moderate to 31,200 units. "While demographic growth and move-up buying will support new home sales, higher monthly carrying costs and a risk of rising inventories will slow the pace of construction," said Lai Sing Louie, CMHC's Regional Economist for the Prairie and Territories Region.
Housing starts in both the Edmonton and Calgary Census Metropolitan Areas (CMAs) are expected to increase in 2012 before moderating slightly in 2013. Edmonton housing starts are forecast to increase 29 per cent to 12,000 units in 2012 before moderating to 10,800 units in 2013. "Supported by low mortgage rates, robust job growth, and continued gains in net migration, new home starts in Edmonton will increase in 2012," said David Lan, CMHC's Senior Market Analyst for Edmonton. Similar factors for Calgary will see an expected increase of 33 per cent to 12,400 units in 2012 before moderating slightly to 11,900 units in 2013.
MLS® sales in Edmonton and Calgary have picked up and will result in higher sales in 2012. Heightened net migration and strong job creation, coupled with low mortgage rates, will see sales in Edmonton increase by six per cent in 2012 to 18,000 units. Sales in 2013 are expected to trend upward but at a slower pace to 18,500 units. In Calgary, following a 16 per cent gain in 2012 to 26,000 units, MLS® sales are expected to modestly increase to 26,500 units.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
For more information, visit www.cmhc.ca or call 1-800-668-2642.