CMHC's Preditions for 2009

Existing home sales, as measured by the Multiple Listing Service (MLS®), are expected to decline 14.6 per cent during 2009 to 370,500 units.

In 2010 the level of MLS® sales is expected to increase by 9.3 per cent to 405,000 units.

The average MLS® price is also expected to decrease over the course of 2009. Average prices are forecast to be $287,900 for 2009, a decline of 5.2 per cent, while 2010 will see little change from 2009 average prices.

As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

* The forecasts included in the Housing Market Outlook are based on information available as of January 27. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.
1 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA). Data are for 10 provinces. All 2008 MLS® figures are estimated as at the time of the forecast. Final figures have since been released by the Canadian Real Estate Association.
National Housing Outlook
Key Housing Market Indicators

2008 (Actual)

Total housing starts (units) - 211,056
Total single-detached houses - 93,202
Total multiple housing units - 117,854
Total MLS® sales - 433,990
Average MLS® selling price ($) - 303,607

2009 (Forecasts)

Total housing starts (units) - 160,250
Total single-detached houses - 74,825
Total multiple housing units - 85,425
Total MLS® sales - 370,500
Average MLS® selling price ($) - 287,900

2010 (Forecasts)

Total housing starts (units) - 163,350
Total single-detached houses - 76,600
Total multiple housing units - 86,750
Total MLS® sales - 405,000
Average MLS® selling price ($) - 288,100