August 14, 2012 - Saskatchewan’s sizzling housing market is expected to cool slightly, according to a new report by Canada Mortgage and Housing Corp.
The agency predicts there will be a total of 8,200 housing starts in the province next year, down from this year’s forecast of 8,500.
Single-detached starts are expected to moderate in 2013, dipping 200 units to 4,700. Multi-family starts are forecast to ease to 3,500 units next year from 3,600 in 2012.
CMHC says increased inventory will contribute to the moderate slowdown in new-home construction.
In Regina, housing starts are forecast to total 2,700 units this year and 2,300 in 2013. Builders in Saskatoon are expected to break ground on 3,100 units in 2012 and 3,000 next year.
Meanwhile, sales of existing homes in Saskatchewan are expected to reach 13,700 in 2013, down from this year’s forecast of 14,000.
Housing prices in the province are projected to rise to $269,000 this year and $275,500 in 2013. The agency predicts prices will eventually moderate as the number of new listings increases.
(c) 2012 CTV Regina