Canada 2014 Housing Starts to Drop 3.6%, CMHC Says

Canada’s government-owned housing agency said housing starts will slow this year, led by condominiums.

Construction will fall 3.6 percent to 181,100 units in 2014, Canada Mortgage and Housing Corp. forecast in its second-quarter housing market report today. Last year, 187,923 units were built. CMHC forecasts 182,100 new home starts for 2015.

Home prices will advance 3.5 percent to C$396,000 ($362,940) this year and gain 1.6 percent next year to C$402,200.

Sales of existing homes will be little changed at 457,900 units in 2014, the Ottawa-based agency said.

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