Housing starts to decline in New Brunswick
According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - Saint John, Moncton and Fredericton report, residential construction in New Brunswick's large urban centres is expected to decline until 2016.
"Rising out-migration will negatively impact demand for new single-detached homes while persistently high vacancy rates in the province's large urban centres will slow multi-residential construction activity, resulting in an overall decline in total housing starts in 2015 and 2016," said Claude Gautreau, CMHC's Senior Market Analyst for New Brunswick. Rapid expansion of the rental universe in some markets combined with out-migration has exerted upward pressure on the vacancy rate.
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