CMHC predicts rebound in housing

September 9, 2009

 By BRENDA BOUW The Canadian Press – Sept 8, 2009

Canada’s national housing agency predicts home construction to make a comeback in the second half of this year and into 2010, however economists say it could be a long time before we see the same building frenzy that has dominated this decade.

Canada Mortgage and Housing Corp. says it believes housing starts will hit 141,900, of which 68,400 will be single-family detached homes and 73,500 multiple-housing units, such as condos.

CMHC chief economist Bob Dugan said economic uncertainty and lower employment tempered new-housing construction in the first half of this year.

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