ST. JOHN'S, NL, March 17, 2006 -- More than 120 people from all areas of
the housing industry attended Canada Mortgage and Housing Corporation's
(CMHC's) Housing Outlook Seminar held in St. John's last week. Developers,
builders, renovators, real estate agents, mortgage specialists and many other
housing professionals gathered at this event where CMHC market analysis
experts shared their latest insight into the region's economic and housing
markets.
Alex MacDonald, regional economist for CMHC's Atlantic Business Centre,
provided an overview of the economy and housing sector in Atlantic Canada as
well as CMHC's forecast for the region. He said, "Slow employment growth will
moderate demand for new and existing homes as consumers focus on current debt
levels. As well, the increased supply of existing homes is expected to result
in an easing of the growth in resale prices in 2006."
Chris Janes, senior market analyst for CMHC in Newfoundland and Labrador,
provided an in depth analysis of the local housing market and discussed how
demographic trends and the economic outlook will shape demand for new, resale
and rental housing at the local level. "Housing industry professionals can
expect the overall level of activity to moderate this year compared to 2005.
Higher mortgage carrying costs, due to strong house price growth and modest
increases in mortgage rates, will continue to ease the demand for both new and
existing homes throughout 2006," said Mr. Janes.
Canada Mortgage and Housing Corporation has been Canada's national
housing agency for over 60 years. CMHC contributes to improving the living
conditions and the well-being of Canadians through four areas of housing
activities - housing finance, assisted housing, research and information
transfer, and export promotion. CMHC is committed to helping Canadians access
a wide choice of quality, affordable homes, and making vibrant and sustainable
communities and cities a reality across the country. For more information,
visit www.cmhc.ca or call 1 800 668-2642.
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For further information:
Dawn Ring
Communications and Marketing Consultant
Canada Mortage and Housing Corporation
Tel.: (709) 772-5973
Fax: (709) 726-7014
Email: dring@cmhc.ca
