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Quebec housing starts forecast

Quebec housing starts forecast

According to the latest forecasts conducted by Canada Mortgage and Housing Corporation (CMHC), sales of existing homes will stay above the 80,000 mark this year and more than 43,000 new homes will be started in the province.
“A recovering economy, favourable borrowing conditions and strong migratory flows will fuel Quebec’s housing markets this year and next”, said Bertrand Recher, Senior Market Analyst at CMHC.

In the latter stages of 2009, the impact of improving global and national economic environments was apparent in Quebec’s economy. Both household spending and private investment started to grow again, while exports reacted positively to increased global demand. Whereas a share of the growth in 2010 will stem from various fiscal measures, 2011 will see the private sector contributing to provincial growth.

Given this context, the Quebec economy is forecast to grow by just over 2.1 per cent in
2010 and by 3.0 per cent in 2011.
A variety of demographic factors will also sustain the province’s housing markets in the coming years. Growing net migration to the province will continue to have a positive impact on the rental and resale markets. In addition, population aging and the recently higher birth rate will likely prompt households to adjust their housing needs.

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Québec Landlords Association (1)

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