British Columbia appears to be reaching the end of its pricing correction and housing starts will stop declining. Housing starts will post moderate and sustainable growth beginning in 2014.
Genworth Canada recently commissioned the Autumn Metropolitan Housing Outlook report. This report basically says Canada’s housing sector is in recovery and will be posting modest growth.
Genworth is a private mortgage insurer, like it’s public counterpart CMHC.
Just like all insurance companies Genworth wants to collect premiums without paying out any losses.
To that end, Genworth spends lots of money on research of the markets where it is insuring, including this 72 page detailed report.
The following graph is the report’s estimated future value of average property by city.
Kamloops was not featured as this report focused only large cities, however we can infer that since prices in the rest of the country is forecast to rise, Kamloops will as well.
In fact, Kamloops will outpace the national average for reasons set out in my report.
Bottom line: there will be no “housing crash” in Canada, BC, or Kamloops. Instead we will witness a steady growth in prices.
If you have any questions or comments, please message me or comment below!
Until next time,