Housing Starts to Remain Low in New Brunswick

HALIFAX, NOVA SCOTIA -- (Marketwired) -- 10/26/15 -- According to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook - Saint John, Moncton and Fredericton report, residential construction activity will remain below the current ten-year average through the forecast period.

"Weak employment growth over the past few years has driven out-migration up, negatively impacting housing demand. As a result, multi-family construction will remain slow through the end of 2017, especially in Saint John and Moncton where the rental vacancy rate is expected to remain elevated," said Michael Edwards, Senior Market Analyst with CMHC's Atlantic Market Analysis Centre.

"High levels of new listings and longer days-on-market have continued to put downward pressure on prices in the resale market. Ample supply and limited price growth over the forecast period will draw consumers away from the new home markets," added Edwards.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

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Contacts:
Media Contact:
Patricia Montreuil
506-851-2229
Cell: 506-875-8895
[email protected]

Source: Canada Mortgage and Housing Corporation

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