According to the latest housing market outlook by CMHC (Canada Mortgage and Housing Corp.), existing home sales are expected to rise 8% next year due to BC's pick up in economy that is associated by jobs increases in 2014.
The CMHC also reported that the demand for homes next year is expected to ride the momentum of a rebounding market and post some positive gains. There is also an increased demand for B.C. goods key export markets that will improve the economic prospects next year.
Housing starts will be good. However, it wasn't expected to rise substantially in 2014. CMHC also forecast 18,200 new housing units this year and 18,400 units in 2014.
Mortgage rates are expected to rise marginally next year, but CMHC mentioned that the suggested lending rates will remain "supportive" for the housing market given rates remain low by historical standards. By the end of 2014, CMHC is forecasting the one-year posted mortgage rate to rise 0.25% from 2013 levels to between 3.25% and 3.75%, and the five-year posted mortgage rate to rise to between 5.25% to 6% from between 5% and 5.50% in 2013.
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