Victoria Real Estate is continuing it’s steady growth and we think this trend will continue in to 2008. As the average house prices increase some people predict that this will slow the trend. It may seem like that at first, but if the prices increase dramatically, like they have in Saskatchewan (34+%) as an example, people will start building on lot that have sat empty for long periods. People from these provinces also will migrate to other provinces.
CMHC or Canadian Mortgage and Housing Corporation has a bit of a different view. A recent article reads:
Housing starts will moderate in 2007, reaching 220,000 units, a decrease of 3.2 per cent from 2006, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition report. Residential construction will continue to decline in 2008 to 207,200 units, yet will mark seven consecutive years in which housing starts exceed 200,000 units.
“Despite high employment levels, income gains and low mortgage rates, housing starts will trend downwards in 2007,All Articles More Like This