Calgary’s housing market is expected to rebound in 2010 after a dismal end to 2009, says a new report released by the Canada Mortgage and Housing Corp.
According to the CMHC’s Spring 2008 Calgary housing Market Outlook released Tuesday morning, total housing starts in 2009 have plummeted to only 3,700 starts, down 7,700 units compared to a year ago, which is almost a 68 per cent decline.
But the good news comes in 2010. According to the housing agency, that is when economic conditions improve and job creation will, in return, create demand for housing.
“Many of the projects currently under construction will need to be completed and absorbed before we are likely to see an improvement in highrise condominium starts,” CHMC senior analyst Lai Sing Louie said.
The report also showed that in 2008 multi-family starts reached 7,051 units, the highest level since 1981.
Housing starts across the prairies will also decline for the second year in a row before also posting a rebound in 2010, the report said.