Third quarter outlook for national housing market more pessimistic than last quarter: Queen's University expert
Queen’s University real estate expert John Andrew (School of Urban and Regional Planning, School of Business) is available to comment on the Canada Mortgage and Housing Corporation’s (CMHC) third quarter lookout for the national housing market.
“The CMHC’s third quarter outlook is more pessimistic than last quarter,” says Dr. Andrew. “It’s predicting that by the end of 2013, all types of housing starts will have declined almost 14% compared to 2012 and will remain virtually constant in 2014. CMHC attributes this decreased demand to slowing economic and income growth, and even more significantly the supply of unsold new home inventory in many markets across Canada.”
“While many analysts have been predicted that the surge would be short lived, if mortgage rates continue to come back down that could suggest higher home sales well into the winter months.”
Dr. Andrew is a real estate professor at Queen’s and the director of the Queen’s Real Estate Roundtable.
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