Housing starts will moderate this year and next, CMHC says

Canada Mortgage and Housing Corp. says in its latest outlook that the pace of housing starts will slow slightly this year and next.

The federal agency says the full impact of lower oil prices and continued low interest rates on the economy and the housing market remains uncertain.

The second-quarter forecast calls for between 166,540 and 188,580 housing starts this year and between 162,840 and 190,930 in 2016.

That compared with a first-quarter outlook for housing starts to range between 154,000 and 201,000 units in 2015 and from 148,000 to 203,000 units the following year.

Sales though the Multiple Listing Service are expected to range between 437,100 and 494,500 units in 2015, while the average MLS price is forecast to be between $402,139 and $439,589.

In 2016, MLS sales are expected to be between 424,500 to 491,300 units at an average price between $398,191 and $457,200.