CMHC predicts less than robust housing market in 2014 for Atlantic Canada
Atlantic Canada realtors, we come bearing bad news. Don’t expect the region’s housing market to heat up in 2014.
The Canadian Mortgage and Housing Corporation’s latest 2014 market forecasts calls for minimal growth in housing sales (less than one per cent) and housing prices (1.4 per cent) compared to 2013. The reason is, surprise, sluggish economic growth forecasted for all Atlantic provinces.
Alex MacDonald, the CMHC’s economist for the region, says 2015 could be a better year for the Atlantic Canadian housing market. That is when Irving Shipbuilding will start cutting steel to build the first ships in a $25-billion contract to provide combat vessels for the federal government, the Muskrat Falls hydro project will be in full swing and BP and Shell could be exploring for oil and gas in Nova Scotia’s offshore. “Hopefully that will stabilize and improve our [housing market] outlook going forward,’ MacDonald says.