Calgary housing starts expected to dip in 2015 after significant growth this year

Housing starts in the Calgary region are forecast to rise by 24 per cent in 2014 from last year but then dip by 7.7 per cent in 2015, according to a new report released Wednesday by Canada Mortgage and Housing Corp.

The agency’s housing outlook says starts in the Calgary census metropolitan area will increase from 12,584 in 2013 to 15,600 this year but then fall to 14,400 next year.

For Alberta, starts are forecast to increase by 7.2 per cent this year to 38,600 units but decline by 4.7 per cent next year to 36,800 units.

The agency is expecting MLS sales in the Calgary region to improve by 9.8 per cent this year to 32,900 units and by another 2.4 per cent in 2015 to 33,700 transactions. CMHC says the average MLS sale price will rise by 5.0 per cent in 2014 to $459,000 and by 2.8 per cent in 2015 to $472,000.

For Alberta, MLS sales are forecast to be 5.8 per cent higher this year to 69,900 followed by a 2.9 per cent gain next year to 71,900.

The average sale price in the province is expected to increase by 4.2 per cent this year to $396,800 and by 2.6 per cent next year to $407,000.

© Copyright (c) The Calgary Herald

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