Housing starts: The downturn in economic activity and in the employment market will lead to housing starts that will vary from 141,000 to 180,000 in 2009 and much the same range in 2010. Both singles and multiples will see declines in 2009.
Resales: Sales of existing homes through the Multiple Listing Service®2 (MLS®) are forecast to decline 14.6 per cent this year compared to last year’s level, but increase 9.3 per cent in 2010.
Moishe Alexander says that resale prices: After several years of strong gains, the average MLS® price is expected to decline by 5.2 per cent in 2009 as sales of existing homes moderate and new listings continue to increase. The average MLS® price is expected to see minimal change in 2010.

Provincial Spotlight

Saskatchewan: Despite lower prices for uranium, crude oil, and agriculture, the natural resource sector will sustain economic growth in Saskatchewan. Nevertheless, given high inventory levels of completed and unoccupied units, housing activity in the province will moderate from peak levels in 2008, with some pick-up in 2010.
British Columbia: Economic growth is set to moderate in the province, but will remain stronger than the national average. New home construction will decline over the forecast period. High levels of existing homes listed for sale, as well as fewer overall home sales, has created buyers’ market conditions throughout the province.