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Press Release

Housing Starts to Decline in New Brunswick

MONCTON, NEW BRUNSWICK--(Marketwired - May 25, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC's) Spring Housing Market Outlook - Saint John, Moncton and Fredericton report, residential construction activity in New Brunswick's large urban centres is forecast to produce fewer starts in both 2015 and 2016.

"Rising out-migration, due to weak economic growth, combined with persistently high vacancy rates and increasing competition for new single-detached homes from the existing home markets, will slow construction activity in large urban centres in 2015 and 2016," said Claude Gautreau, Senior Market Analyst with CMHC's Atlantic Business Centre. A gradual deceleration in the pace of rental market expansion in the larger urban centres, particularly in Fredericton and Moncton, will limit upward pressure on the vacancy rate.

Expect lower levels of activity in the resale market in 2015 and 2016. Compared to the new home market, however, the slowdown in activity will be relatively modest over the forecast period. "With the number of active listings significantly higher than the long-term average, consumers will face less urgency due to ample choices, which will limit price growth over the forecast period," added Gautreau.

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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Market Analysis Contact:
Claude Gautreau
506-851-2742
Cell: 506-866-9002
cgautrea@cmhc.ca

Media Contact:
Patricia Montreuil
506-851-2229
Cell: 506-875-8895
pmontreu@cmhc.ca
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