According to Canada Mortgage and Housing Corporation’s (CMHC’s) latest outlook, the economic and housing market performance in Atlantic Canada in 2011 is currently being impacted by slower employment growth and weaker retail spending activity.
“Low interest rates, previously the foundation for better performance in the housing sector, are not expected to offset the weaker economic outlook,” said Alex MacDonald, regional economist, with CMHC’s Atlantic Business Centre.
A slowdown in housing activity following significant gains in 2010 is currently in progress in 2011. Single starts will show a decline of 17 per cent. Multiple starts, which saw very strong growth of over 40 per cent in 2010, are expected to decrease nine per cent in 2011.
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