CMHC tweaks housing starts forecasts; 2013, 2014 look relatively stable

OTTAWA – Canada Mortgage and Housing Corp. has tweaked its 2013 and 2014 forecasts for housing starts.

CMHC now expects slightly more housing starts this year and slightly fewer in 2014 than in the previous outlook issued in August.

That will result in a period of relative stability, although both years will be slower than 2012, when there were 214,827 housing units started.

The new forecast is for between 179,300 and 190,600 units this year, with a mid-point of 185,000 units.

That’s up from the previous 2013 forecast of 182,800 starts — an increase of 2,200 that is almost offset by a lower forecast for 2014.

CMHC’s new 2014 range is 163,700 and 205,700 units, or 184,700 at the mid-point, down 1,900 from 186,600 units in the August forecast.