Housing starts and sales in Atlantic Canada stabilize
HALIFAX, NOVA SCOTIA--(Marketwired - Feb. 6, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC's) Quarterly Housing Market Outlook - Atlantic report, housing starts in Atlantic Canada are expected to slow four per cent in 2015 and two per cent in 2016 after double digit declines reported in 2014.
"Moderate economic growth and net migration gains will stabilize housing starts and sales in Atlantic Canada in 2015 and 2016," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre. "Private sector investment and an improving economic outlook will support growth in house prices of one per cent by 2016 with relatively stable MLS[sup]®[/sup] sales activity," added MacDonald.
TORONTO , Feb. 6, 2015 /CNW/ - Mark E. Rose , Chair and CEO of Avison Young , the world's fastest-growing commercial real estate services firm, announced today the opening of a new office in Moncton, New Brunswick to expand the company's market presence in Atlantic Canada .
The newest Canadian office represents Avison Young's second location in the Maritimes, 16th office in Canada , 60th office in North America , and an additional step in the firm's ongoing aggressive growth strategy
New supply of apartments in St. John the reason for vacancy rate increase
The apartment vacancy rate in St. John’s is rising, but don’t expect rents to come down.
Chris Janes, senior market analyst for the Canada Mortgage and Housing Corp. (CMHC) in St. John’s, says an increase in supply has driven the vacancy rate up in St. John’s to 4.2 per cent as of October, up from 3.2 per cent in October 2013. In the broader census metropolitan area (CMA), the vacancy rate is 4.6 per cent as of October, up from 3.2 per cent a year earlier.