The economic and housing market performance in Atlantic Canada is being impacted by a downturn in employment and slower retail spending activity, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Atlantic Edition(1).
“Low interest rates are expected to only partially offset the weaker economic outlook,” said Alex MacDonald, regional economist, with CMHC’s Atlantic Business Centre. “The recent news regarding the shipbuilding contract will support a more positive outlook for 2012,” added MacDonald.
A slowdown in housing activity, following significant gains in 2010, has continued to occur in single starts in 2011. For 2012, singles are expected to decline five per cent from this year’s estimated level. In contrast, multiple starts, which saw strong growth in 2010 as well as positive growth in 2011, are expected to decline 15 per cent in 2012 from the current 2011 estimate.
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