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No relief in skyrocketing housing prices for Metro Vancouver for a few years: CMHC

Darpan News Desk CMHC, 06 May, 2021 04:49 PM
  • No relief in skyrocketing housing prices for Metro Vancouver for a few years: CMHC

The Housing Market Outlook includes forecasts for important housing market variables such as starts, prices, resales, vacancy rates and rents.

Canada Mortgage and Housing Corporation presents forecasts for key housing demand drivers such as population, employment, migration, earnings, and mortgage rates.

Below are the higlights from the latest CMHC report: 

  •  Variables impacting the housing market will gradually return to pre-COVID levels over the 2021 to 2023 period.
  •  The level of existing home sales and price growth are forecast to moderate from unsustainable 2020 levels but will remain elevated.
  •  
  • The pace of sales is expected to moderate from recent highs. Slower sales growth will help moderate the pace of price growth. 
  • Rental demand will recover as immigration recovers, but vacancy rates will likely remain elevated.
  • Housing starts will stabilize at levels consistent with household formation by the end of 2023.
  • The precise timing and speed of the economic recovery in major markets is highly uncertain and outlooks remain subject to significant risks.

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