CMHC Housing Market Outlook 2015

First Quarter 2015 Overview: housing starts will moderate slightly in 2015

This report provides an update to CMHC’s 2014 Q4 Housing Market Outlook, reflecting the evolution of risks since our last forecast through revisions to forecast ranges. Broadly speaking, the evolution of risks since the final quarter of 2014 has mainly been on the downside. Evolving risks include the impacts of declining oil prices and further potential decreases in interest rates on economic and housing activity.

Under the base case scenario, housing starts are expected to decline by 1.0 per cent in 2015 relative to 2014; Multiple Listing Service® (MLS®) 2 sales are expected to remain unchanged, and the MLS® average price is expected to increase modestly by 1.5 per cent.

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