CMHC forecast shows Sask. housing market could rebound over the next two years.
SASKATOON -- Saskatchewan’s housing market could see some positive signs through 2021 according to a new market forecast from Canada Mortgage and Housing Corporation.
The report forecasts the expected number of new housing starts, the multiple listing service (MLS) average sale price and the number of home sales from 2019 through 2021.
It expects new home starts in Saskatchewan this year will be lower than 2018, but will begin to rise again in 2020 and 2021. When it comes to home sales through the MLS, CMHC forecasts a slight increase in 2019, followed by another jump in sales each year through 2021.
CMHC forecasts the MLS Average Price will fall from $286,713 in 2018 to between $275,100 and $283,900 in 2020. It says the MLS average price should rise to between $287,000 and $296,500 in 2021.
The report also predicts the five year mortgage rate will climb just over one per cent over the next two years, but still remain at low levels.
“Over the forecast period, favorable economic and demographic conditions in British Columbia will support relatively strong growth in housing starts in the province when compared to other regions, while Ontario and the Prairies will see growth in starts, but at levels below recent years,” the report reads.