Here are the most recent news stories posted for MovingInCanada.com:
4 of Top 5 North American cities for quality of life are in Canada
Canada: Canadian cities have the best North America offers, according to Mercer's annual comparison of the quality of life of 430 locations around the world. In fact, Vancouver, Toronto and Ottawa finished ahead of all 17 American and 41 Asian cities ranked by Mercer.
Foreign home buyers: How other countries limit money from abroad
BC/ON: It was revealed this week that the Canada
Mortgage and Housing Corporation is trying to
keep tabs on foreign money in Canada's
residential real estate market.
The national housing agency has come under fire
in recent years for a conspicuous lack of
reliable data about the money coming from abroad
and how it may be contributing to soaring home
prices in cities like Vancouver and Toronto.
CMHC revs up search for foreign flows into soaring housing markets
Canada: Canada’s housing agency, looking for new methods to track foreign ownership in the country’s soaring real estate markets, may tap money laundering police and classify international university students as foreign buyers, according to internal documents.
Crooked mortgage Industry Participants: More Perspective
Canada: It’s been a tough nine months in the press for mortgage brokers. Off the top of my head, I can think of four headline stories of broker fraud in the major media, including one of the whoppers of all time, the Home Trust fiasco.
Alberta Oilpatch: A Growing Minefield
Canada: As crude began a precipitous decline, putting oil-town Fort McMurray, Alberta, on the brink of depression, and homes there have lost one-fifth of their value.
One of the most concerning alarm bells is Alberta’s surging unemployment rate, a historical precursor to defaults.
Pricey Canadian housing market to lift economic growth this year: Reuters poll
Canada: Canada's housing market will be a net contributor to economic growth in the coming year, impelled by rising prices, but become a drag soon after due to a slowdown in buying and high levels of household debt, a Reuters poll found
Royal LePage forecasting 3% decline in Calgary house prices in 2016
AB: Calgary home prices remained stable during the fourth quarter of 2015 and will experience only a small decline this year despite the city’s challenged economy, Royal LePage said in a local market outlook released Wednesday.
Expectations of Bank of Canada rate cut grow
Canada: The odds that the Bank of Canada will lower its key interest rate next week are rising as some of the country's big banks join the growing chorus predicting a cut.
The Bank of Montreal updated its forecast Thursday to predict the central bank will cut its key interest rate next Wednesday when it releases its updated forecast for the economy.
Canada housing starts slow in December
Canada: The pace of home starts fell 18 percent in December, the biggest one-month drop in three years, as developers put a chill on new Toronto condominium developments during the month, Ottawa-based Canada Mortgage & Housing Corp. said Monday.
The drop in December capped what was largely a strong year for the industry, with housing starts reaching their highest levels since 2012. Those gains were driven by a surge in Toronto condo construction that has even raised concerns developers in Canada’s biggest city may be overbuilding.
Housing market risk 'high' in Toronto, Winnipeg and Regina, CMHC says
ON,MB, SK: Housing market risk 'high' in Toronto, Winnipeg and Regina, CMHC says. The housing agency looks at market conditions in 15 major housing markets across the country. While most markets get a low or moderate risk in the CMHC's eyes, the agency singled out Regina, Winnipeg and Toronto for being in a possible danger zone.
Windsor ranks among top three Canadian cities for real estate investors
Canada: A new report calls Windsor the third best city in Canada for real estate investment returns — topping Toronto and Vancouver.
Analysts at SpendTree, a Canadian start-up company, looked at residential investment returns for 34 Canadian markets between 2010 and 2015, considering both home appreciation and income potential from renting.
Fed chair Yellen tells Canadian homeowners to watch out: Don Pittis
Canada: The financial analysts think they have it figured out. After listening to U.S. Federal Reserve chair Janet Yellen's speech and her wily answers to questions from reporters, the consensus seems to be that a rate rise is coming later this year — the first one probably in September
Canada's housing boom sparks spinoff mini-booms
Canada: Canada’s housing boom is rippling through to related sectors, from renovations to gardening.
As The Globe and Mail’s Tamsin McMahon reports, the latest statistics show home sales climbing in May to their highest in about five years, and average resale prices rising by more than 8 per cent over the course of a year.
Low vacancy and low interest rates drive multi-family housing starts in Kelowna
Canada: Demand for new homes in the Kelowna area continues to be strong, especially for multi-family dwellings such as townhouses and condo units. According to the Canada Mortgage and Housing Corporation’s spring 2015 outlook, the combination of a low vacancy rate and low interest rates is driving this year’s housing starts
Canada housing agency softens outlook for starts for 2015, 2016
Canada: Canada's federal housing agency on Monday gave a cooler outlook for housing starts this year and next, saying that lower oil prices are contributing to differences across the country's regional markets.
Canada faces looming housing crisis as one in five renters forced to pay 50% of income on home
Canada: The study says the long, steady decline in federal subsidies for social housing has left provinces, territories and municipalities struggling against market forces that are making it increasingly difficult for low- and modest-income renters.
Fitch warns on Canada’s condo market
ON: Ontario’s housing market is overvalued by about 25 per cent, a dangerous level that threatens not only home price growth in the province, but the overall Canadian economy, says a new report from New York-based Fitch ratings agency.
Regina, Winnipeg housing markets high risk, CMHC says
Canada: CMHC says Canada's housing market is modestly overvalued, and says the high-risk cities are not the overheated markets of Vancouver and Toronto, but the more unlikely candidates of Regina and Winnipeg.
In Regina, the inventory of completed and unsold units, particularly condos, is at a record high, the housing agency said.
Canadian housing starts rebound more than expected in March
Canada: The report from the Canadian Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts rose to 189,708 units last month from a downwardly revised 151,238 units in February. This exceeded the 175,000 that economists had expected
Canada household debt ratio hits new record of 163.3%
Canada: Cuts to the Bank of Canada overnight lending rate appear to be the driver behind consumers ratcheting up their debt, which Statistics Canada said Thursday reached record levels in the four quarter of 2014.
Canadian housing starts fall sharply in February
Canada: report from the Canadian Mortgage and Housing Corp (CMHC) showed the seasonally adjusted annualized rate of housing starts fell to 156,276 units last month from a downwardly revised 187,025 in January. That fell short of the 180,000 economists had expected.
Canada housing agency sees moderation in housing starts in 2015
Canada: Canada's federal housing agency softened its forecast for housing starts in 2015, saying it expects the pace of new home construction to gradually moderate in the coming years.
Canadian banks on brink of mortgage price war
Canada: Canada’s major banks are heading into a renewed mortgage price war in the wake of the Bank of Canada’s surprise decision to cut interest rates.
Canada Housing Starts Slow to Weakest Since March Amid Oil Rout
Canada: Builders began construction on the lowest number of homes in Canada in 10 months amid a collapse in crude prices.
Condo overbuilding in Canada
Canada: I’m not at all surprised that our government-backed housing agency—the Canada Mortgage and Housing Corporation—is warning condo builders to sell more of their current inventory before building more condos.
Condos made up more than a third of Canadian housing starts
Canada: Condominiums accounted for more than one-third of all Canadian housing starts last year, and more than half of the total in several of the country's biggest cities, the Canada Mortgage and Housing Corp. says.
Housing starts fell 7% to just 183.6K in October
Canada: Housing starts fell 7% to just 183.6K in October, the lowest since March. The decrease in starts was felt in both rural (-6.8%) and urban areas (-7%).
Housing sales dip in January
Canada: Click link for map of average home prices by community.
Sales of existing homes declined in January as compared with the previous month, according to Canadian Real Estate Association data. The national average price climbed registered at $401,143.
Average Canadian house price hit $401K in January, up 3.1% in past year
Canada: If hot markets in Toronto and Vancouver are stripped out of the calculation, house prices have actually dropped in the past year, with the average price outside those two cities now $312,280, a decline of 0.3 per cent.
After 86 years, Williams Moving and Storage files for bankruptcy
AB/BC: After being in business for 86 years, Williams Moving and Storage has filed for bankruptcy.
Unifor Local 114, which represents the employees in B.C. and Alberta, says both union and non-union workers will likely be shorted their last pay cheques and all accumulated banked hours, such as vacation pay, will not be paid out.
NOTE: Williams Moving & Storage (Cranbrook) Ltd., which includes Cranbrook and Lethbridge branches, is not affected by this news. They remain open and operating.
Bank of Canada says debt and overvalued house prices remain biggest risk to economy
Canada: The bank reckons house prices today could be as much as 30 per cent overvalued today. The bank says it's about 95 per cent sure that house prices have been overvalued by an average of about 10 per cent since 2007.
Canadian housing market among most overvalued in the world: OECD
Canada: Canada has one of the most overvalued housing markets in the world, according to a new global report, which adds to the ongoing debate about whether it’s a bubble set to burst.
The Organisation for Economic Co-operation and Development (OECD) says Canada, alongside Norway and New Zealand, are among the countries where houses “appear overvalued but prices are still rising.”
The report says house prices are considered overvalued if the price-to-rent ratio and the price-to-income ratio are above their long-term averages.
Canadian housing sector faces downside risk: Scotiabank real-estate report
Canada: "Toronto’s housing market is correcting in the wake of affordability pressures, inventory build, changes to mortgage insurance rules and more cautious lending policies," writes Scotiabank economist Adrienne Warren
Expanded Ottawa Neighbourhoods content & maps
ON: We have added detailed neighbourhoods information and maps for Ottawa and its suburbs (we expanded content from 11 to 88 neighbourhoods), with drill-down detail for Downtown, Ottawa South, East End, West End, Nepean, Kanata, Gloucester, and Orleans!
House prices to be flat for 10 years, TD predicts
Canada: Canada's real estate bonanza of the past decade has come to end and the long-term trend as one of the most profitable places to invest is also not encouraging, a new research paper from the TD Bank argues.
Widespread price-fixing alleged in Toronto home construction
ON: Can't wait to see how this rolls out...Apologies to all those who smuggly thought all the construction industry problems were in Quebec in government projects!
Sudbury Housing starts on the rise
ON: According to preliminary data released Thursday by Canada Mortgage and Housing Corporation, there were 82 housing starts in the Greater Sudbury Census Metropolitan Area in July, up from 35 last July.
Forty-seven of the 82 starts were condominium units, or 57% of all activity in the month.
Victoria housing starts drop 34 percent
BC: There were 150 total housing starts last month, a 34 per cent drop from the 229 in July 2011. Year-todate, there have been 837 total starts, down 14 per cent from the 973 through the first seven months of last year
Calgary Housing starts spike
AB: Last month, 734 units broke ground in Calgary, up 40 per cent on the 526 starts in July 2011, reports the Canada Mortgage and Housing Corp.
Housing starts up in the St. John's area
NL: July’s housing starts totalled 276 units throughout the St. John’s area compared to 258 units in July 2011. Year-to-date starts are up 13 per cent to 1,207 units.
Regina Housing starts double 2011 pace
SK: According to the CMHC's monthly survey of residential construction, 1,688 housing units have been started in since Jan., compared to 847 in the same time period in 2011. Housing starts for the month of July reached 263, 116 more than in July 2011.
The year-to-date number of housing starts in 2012 is quickly approaching the total number of housing starts - 1,694 - for all of 2011.
Edmonton housing starts surge
AB: Jobs and newcomers are boosting home construction in the Edmonton region to levels not seen since the early 2000s, according to the Canada Mortgage and Housing Corp.
Housing starts in the Edmonton census metropolitan area for July surged to 1,435, up from 1,034 in July 2011.
Canada July Housing Starts Slow as Builders Pare Back Condos
Canada: Canadian housing starts fell more than expected in July on a decline in multiple-unit projects in British Columbia.
Construction of new homes dropped 6.1 percent from June to a 208,500 seasonally adjusted annual pace, Ottawa-based Canada Mortgage & Housing Corp. said today.
Canadian home prices will decline 10 percent over the next two to three years.
Scotiabank Says Canada Housing Correction on the Horizon
Canada: Wall Street Journal: Economists from Bank of Nova Scotia are the latest to cast their lot in the camp forecasting a housing correction for Canada.
They are projecting a decline in Canadian housing prices of roughly 10% over the next two to three years, with more pronounced declines set to hit the hot Toronto and Vancouver markets.
Canadian housing starts climb unexpectedly in June - CMHC
Canada: The seasonally adjusted annualized rate of housing starts surged to 222,700 units in June 2012 as compared with an upwardly revised rate of 217,400 units in May 2012. The May figure was revised up from 211,400 units.
Banks warn Ottawa over lending rules
The federal government’s efforts to cool the overheated housing market are raising concerns among Canada’s biggest banks that the changes might hit the economy harder than intended, particularly if the new measures are left in place for too long.
Consumer debt levels too high to maintain the current rate of real estate consumption
Canada: Moreover, 70 per cent of the audience consider Canadian house prices are currently overvalued by up to 15 per cent. The audience was also asked their thoughts on recent mortgage legislation in which an overwhelming majority, 98 per cent, believe that the new rules will have a dampening effect on residential real estate markets.
Changes to mortgage rules will impact South Georgian Bay area
ON: Mullen says the area also doesn't have a lot of alternatives for home buyers with a low income.
“We don't have a lot of affordable housing in our region. So how many people have we knocked out of being able to buy a home?” she said.
20 Observations on the New Mortgage Rules
Real estate is already cooling. So why the new chill?
ON: Detractors point to a real estate market that is already in decline in some parts of the country, in terms of both price and sales. Even those who acknowledge Mr. Flaherty might be right about Toronto’s condominium sector being overheated seem to believe that market is already correcting on its own.
Overall, the housing market has cooled. The Canadian Real Estate Association said yesterday its benchmark index for home prices was up 5.2% in May from year a earlier with gains in the Vancouver market shrinking and Toronto up about 7.9% from a year ago.
Housing boom grinding to a halt
ON: Canada’s housing boom will grind to a halt next year, stopped by price declines in the condominium-saturated markets of Toronto and Vancouver, according to a Reuters poll, raising the risk of a broader economic slowdown.
On a national basis, Canadian house prices are expected to rise 2.0 percent this year before stalling next year with a negligible 0.5 percent gain, according to median results of the poll, which was conducted last week.
Windsor and Essex County housing starts to rise (and other communities...)
ON: Based on monthly moving averages, the board projects there will be 742 starts this year compared to 535 a year ago, an increase of 39 per cent.
The board also projects housing start increases in Halifax, Oshawa, Toronto, Hamilton, London, Winnipeg, Calgary, Edmonton, Vancouver, Victoria and Abbotsford.
Communities where starts are expected to drop include St. John’s, Quebec, Saguenay, Sherbrooke, Kingston, Sudbury, Thunder Bay, Regina, Saskatoon, Saint John, Montreal, Trois-Rivieres, Ottawa-Gatineau, St. Catharines-Niagara and Victoria
Calgary region housing starts on the upswing
AB: In a report released Monday, the board said the seasonally-adjusted annual rate of starts in the Calgary region was 10,724 units in April, up substantially from 7,720 a year ago.
Housing market may cool soon: bank of Canada
Canada: The Bank of Canada warned on Thursday that the country’s red-hot housing market could start to cool soon, a prospect that would strain the financial system and put households carrying too much debt under intense pressure, in its semi-annual Financial System Review.
Changes in mortgagge rules announced
Canada: Allowable amortization reduced to 25 years, and down payments for homes over $1 million raised to 20%.
Starts skyrocket in Airdrie
AB: Housing start totals in Airdrie saw a 96 per cent upswing to start the year, compared to 2011 activity, says the Canada Mortgage and Housing Corp. (CMHC)
Canada April Composite Leading Indicators
The components related to household demand supported the increase in April, led by a rise in housing starts. Both furniture sales and sales of other durable goods posted a third monthly gain.
Halifax housing starts nosedive
NS: The document, released Tuesday by the Conference Board of Canada, shows that new residential housing starts in Halifax dropped from 3,269 a year ago to 1,475 on April 12.
Canada urged to hike interest rates
Canada's central bank should move its benchmark target for the overnight rate above its current one per cent level or risk unsustainable increases in the country's inflation rate and real estate market, the Organization for Economic Co-operation and Development said today. The OECD report hopes the rate will be at 2.25 per cent by the end of 2013.
Royal Bank, CIBC Face Greatest Mortgage Exposure Risk - Fitch
Canada: Royal Bank of Canada (RY, RY.T) and Canadian Imperial Bank of Commerce (CM, CM.T) are the most susceptible to potential residential mortgage risk among Canada's big six banks, Fitch Ratings said in a release Monday.
Canada April inflation sparks more rate-hike talk
Canada: On an annual basis the overall inflation rate rose to 2.0 percent in April from 1.9 percent in March, Statistics Canada said on Friday. The core rate, which excludes volatile items, climbed to 2.1 percent from 1.9 percent.
"From a strictly domestic standpoint, I think it does advance the case for the bank raising rates," said BMO Capital Markets deputy chief economist Doug Porter.
Caviar condos set to flood Toronto market
ON: Toronto is expecting a glut of 5-star suitesto hit the market as the four of the biggest names in the hotel business open hundreds of units in Canada's largest city.
Delinquency rate on Canadian mortgages at 0.4 percent
The highest delinquency rate appears to be in Alberta, where 0.7 percent of homeowners are behind on their home loans. According to CIBC, this could be because of a high rate of younger, less established homeowners in the region. The figures are still far healthier than the delinquent mortgage rate of U.S. homeowners, which credit rating agency TransUnion places at 5.78 percent, according to The Associated Press.
Reverse Mortgage Showdown
Canada: From an investment standpoint, few mortgage lenders present a better risk/reward than HomEquity Bank, a subsidiary of HOMEQ.
Its product, the CHIP reverse mortgage, has enormous upside in terms of growth, with extraordinarily low loss rates.
Calgary Home starts triple year over year
AB: The numbers for the Calgary housing market are close to, but not completely in, the stratospheric heights of the boom years from late 2005 to early 2008, but they’re certainly knocking the socks off of 2011.
Economists raise red flag on overheated housing market.
Canada: "This report reflects unbelievable strength in Canadian housing starts, and all of the gain was in multiples again which reflect the ongoing Canadian condo craze,'' said Scotia Capital economist Derek Holt.
Canadian housing starts beat expectations
Canada: New home starts in April were a stunningly high 244900 units, seasonally adjusted and annualized, according to Canada Mortgage and Housing Corporation (CMHC) . The percentage changes month to month (+14.0%) and especially year over year (+28.8%)
Surge in Canadian condo starts adds fuel to bubble talk
Canada: Fuelled by a 57-per-cent rise in new home construction in Quebec, national starts published Tuesday by the Canada Mortgage and Housing Corp. made an unexpected leap last month, reviving the spectre of a bubble in certain hot condo markets.
Globe & Mail: How condo boom threatens a 'ghost city phenomenon'
Canada: Housing starts shoot higher on back of condo boom.
Canada March building permits surge, housing cools
Canada: Building permits issued by municipalities jumped 4.7 percent from February t o C$6.5 billion ($6.5 billion), confounding market expectations of a 2.8 percent decline.
The increase followed a 7.6 percent gain in February, according to revised figures.
Intentions for residential buildings fell 1.3 percent in March as the value of permits fell by 1.7 percent for single-family dwellings and by 0.7 percent for multi-family dwellings.
Permits for non-residential buildings jumped 13.9 percent to C$2.9 billion ($2.9 billion), their highest level since June 2010.
Ontario leads gains as March building permits rise
Canada: House-building intentions continued to slow in March, but the construction industry as a whole still looked strong thanks to plans for new institutional and commercial building.
Statistics Canada said Monday that building permits rose an above-consensus 4.7 per cent to $6.8 billion for the month, following a 7.6 per cent gain the previous month.
Economists had expected a more modest 1.5 per cent increase.
Which Mortgage Term Is Right For You?
Canada: Before you set out to secure the lowest mortgage rate available, you’ll need to make an important decision concerning your payment term. Almost every new mortgage customer struggles when it comes to deciding their amortization schedule. While some customers prefer the lower monthly costs of a long-term mortgage, other’s want to pay off their loan as quickly as possible.
Considerations in buying that cottage
Canada: Snowbirds are returning from the sunny south, and the Victoria Day holiday has historically been “opening weekend” for many cottagers. This is a time of year with a lot of turnover of vacation properties. It’s important to know ahead of time that mortgages for recreational properties may be subject to different lending requirements and higher interest rates than your home.
Spring Mortgage Market Update (2012)
Canada: the Office of the Superintendent of Financial Institutions (OSFI) recommends some dramatic changes to the way mortgages are underwritten by our lenders. Stop allowing borrowers to use cash backs as down payments. Financial institutions who buy and pool mortgages from third-party lenders will need to ensure that those lenders are underwriting their loans properly. Heavier regulation of “stated-income” loans, where a borrower’s income is not verified using traditional methods. Requiring lenders to update the appraised values of mortgaged properties at renewal.
BMO forecasts 3% growth for Sask. economy in 2012
SK: Saskatchewan’s economy — which posted the real GDP growth of 4.8 per cent in 2011, second-highest among the provinces — should grow by 2.9 per cent this year, good for second-place again, this time behind Alberta, according to BMO Economics.
Housing starts are projected to hit 7,600 in 2012, an increase 5.5 per cent from 7,200 in 2011, and increase a similar amount to 7,800 in 2013, BMO said.
Housing starts are projected to hit 7,600 in 2012, an increase 5.5 per cent from 7,200 in 2011, and increase a similar amount to 7,800 in 2013, BMO said.
March housing starts in Halifax
NS: New residential construction in Halifax increased in March compared to 2011 according to preliminary data(1) from Canada Mortgage and Housing Corporation (CMHC). There were 201 housing starts recorded in March compared to 112 last year.
Britannia Beach project may signal renewed boom in Sea to Sky region
BC: Proposed plan for up to 4,000 homes one of many developments from Porteau Cove to Squamish either on hold or starting to move ahead
National housing starts increase
Canada: Canada Mortgage and Housing Corporation says the seasonally adjusted annual rate of housing starts was 215,600 units in March, up from 205,300 units in February.
Investors turn to condos
QU: Condos are becoming the new rental units in Montreal
Calgary housing starts more than double
AB: Housing starts in Western Canada led the rest of the country in March, and are expected to continue the trend in the long-term, said the latest report by the Conference Board of Canada.
National Post - Why Toronto's overheated housing market is unsustainable
ON: : In sharp contrast to price moderation in most cities and a significant drop in Vancouver, where buyers are being priced out of the country’s costliest market, Toronto buyers are on a spending spree — one that looks as if it won’t end well.
Bank of Canada May Raise Interest Rate Sooner Than Expected-BMO Economics
Canada: BMO Economics changes rate projection; interest rates could climb by January 2013 or even sooner
Canada home prices fall in March, sales up-CREA
Canada: Canadian home prices fell in
March from year-ago levels even as existing home sales activity
picked up, with a cooling of the once-hot Vancouver market
offsetting big price gains in Toronto and steady increases
Value-conscious buyers are fuelling the housing market
Canada: First-time homeowners drawn to urban living by low interest rates, good prices
Canadian new-home prices increase in February
Canada: Looks like good news for home owners!
Oil boom finally hits Alberta housing starts
AB: But blockbuster housing starts in March - they jumped 72 per cent year over year - hint that residential construction is getting hot again.
Canada housing starts speed up in March
Canada: Canada Mortgage and Housing Corporation (CMHC) said on Wednesday that housing starts rose to 215600 units on a seasonally adjusted annualized basis in March, up from 205300 units in February.
Ample supply leaves housing prices in Calgary flat: report
AB: Calgary's housing market remained generally flat in the first quarter because of an ample housing supply, says a report released Thursday by Royal LePage.
Bank of Canada's Carney warns of headwinds to economy
Canada: In a speech to the Greater Kitchener-Waterloo Chamber of Commerce this afternoon, Carney says the European debt situation has improved significantly, and the recovery in the United States continues to take hold. Both Carney and Flaherty, as well as other private-sector economists, have previously spoken out about the rising debt levels of Canadian households that have been largely fuelled by mortgages.
1 in 5 Challenged by 2% Higher Rates: BMO
Canada: According to a February 21-23 BMO/Leger survey. the article goes on to discuss likelihood of various rate hikes.
BMO Bank of Montreal Changes Mortgage Rates
Canada: Bank of Montreal raises its mortgage rates by 0.5%
Royal Bank says current mortage rates have unacceptable returns
Canada: Mortgage rate wars in the 3 percent range are not sustainable in the long run
CBC: Canadians worried about mortgage rate hikes
Canada: As concerns over the state of the Canadian real estate market abound, a new survey says nearly half of Canadians are unsure about their ability to afford their homes if rates rise by as little as two percentage points.
The survey commissioned by the Bank of Montreal study finds 43 per cent believe an interest hike would either hamper their ability to pay or leave them on unsure footing.
Montreal housing starts to drop 21 per cent: report
Canada: Montreal will drop from 22,700 starts in 2011 to 18,000 in 2012, according to the ConferenceB oard of Canada. This is one of the sharpest drops in the county, and is echoed by CMHC, which forecast a 15% drop this next year in Montreal.
Urban housing starts improve overall
Canada: Prospects for short-and long-term housing starts are looking better than they did last month, according to the Conference Board of Canada's March metropolitan housing starts report.
Half of all Canadians say they would choose a fixed rate mortgage today
Canada: CIBC Mortgage poll released
Mortgage rates up at TD, RBC
Canada: Two of Canada's big five banks have decided to raise the rate on their posted, five-year mortgages. to 5.44 percent
Stats Can releases 2011 Census Data
Ottawa: Canada’s population is 33.5 million, of which 23.1 million ( 69.1%) lived in one of Canada's 33 census metropolitan areas (CMAs). The CMAs grew 7.4% between 2006 and 2011, while Canada grew 5.9%.
Toronto, Montréal and Vancouver have 35.0% of the total population, and grew 9.2%, 5.2% , and 9.3% respectively, mostly from immigration. The fastest growing were Calgary (12.6%), Edmonton (12.1%.), Saskatoon (11.4% ) and Regina (8.0%). While two had declines: Windsor (-1.3%) and Thunder Bay (-1.1%).
What your home will look like in 2015
Canada: Fast Company's futurists work with the National Association of Home Builders (US) for their look at what homes will look like in just a few years
Housing Prices Vary Significantly Around the World
Canada: Wired magazine reports on per-square-foot prices for housing varies significantly around the world. How lucky are we? (even in Vancouver. Toornto)
Widening Canada-US House Price Gap
Canada: Toronto Globe & Mail reports that average Canadian home is now twice as expensive as comprable American homes in this chart. Canadian home prices continue to climb, while US home prices are still falling from their 2005 peak (or close to their lows).
Flaherty unveils new Mortgage Rules to reduce household debt
Canada: New mortgages cannot have amortizations longer than 30 years (previously 35) and CMHC will no longer insure homes that are used as security for lines of credit, typically known as home equity loans
Canada November Composite Leading Indicators: Housing up
Canada: Following is the text of Canada's leading indicators report from Statistics Canada.
The composite index rose 0.3% in November, the same as in October. Among the 10 components, 6 posted gains, 3 were unchanged and 1 declined.
The housing index recorded the largest turnaround, increasing 2.0% after six straight declines averaging almost 3% a month. Both housing starts and existing home sales firmed after sizable retreats from their highs in the spring. The upturn in housing was reflected in a levelling off of furniture and appliance sales, after four straight declines.
Calgary housing starts expected to dip
The Conference Board of Canada predicts widespread housing starts declines over the short term across the country, including Calgary.
In releasing its Metropolitan Monthly Monitors report on Monday, the board said housing starts were down in 13 of 27 markets on a year-over-year basis in November.
Besides the Calgary census metropolitan area, the board listed the following centres as having negative short-term expectations: Oshawa, Toronto, Hamilton, Kitchener-Waterloo, Windsor, Winnipeg, Regina, Victoria and Abbotsford.
Canada Housing Starts Rise First Time in Four Months, Exceeding Forecasts
Canada: Starts advanced 11.6 percent to a seasonally adjusted annual pace of 187,200 from a revised 167,800 rate in October, Canada Mortgage and Housing Corp. said from Ottawa today. The reading exceeded all 21 estimates in a Bloomberg News survey that had a median estimate of 173,000 units.
Housing starts will drop to 174,800 units in 2011 from an estimated 186,200 units this year, Canada Mortgage and Housing Corp. said Nov. 15. The Bank of Canada said in October that housing will be a drag on economic growth next year, after temporary stimulus measures for homeowners lapsed.
The Canadian Housing Market is Expected to Stabilize- Predict Experts
Canada: Even though the mortgage rates have increased from 3.39% to 3.69 %, they are still at historic lows. Thus, it’s still a buyer’s market. In fact experts suggest that Canada’s mortgage industry is vastly stable and competitive than its American and Australian markets. In the US, there were 54,000 mortgage firms, while only 8000 of them are left today. On a national level the housing affordability improved between 1.4 and 2.5 % points from the second quarter,” adds Ken Faminoff (first name).
RBC predicts stability in housing market
Canada: Canada's largest bank is predicting a period of stability in the housing market next year as rising mortgage rates are offset by improvements in the job market and household income.
Canadian housing starts dove 9.2%
Canada: In October, Canadian housing starts dove 9.2% to 167.9K units from a downwardly revised 185K in September. This is an acceleration of what had been a smooth down trend in starts since April. Urban starts plunged to 142.4K from 162.3K the previous month. Rural starts sprang to 25.5K from 22.7K. This worse-thanexpected overall decline was broad-based, with starts falling in 4 of 5 regions. Only the Atlantic region (+32.9% or +2.4K) posted a gain
Niagara Housing market to dip slightly in 2011
ON: The agency predicts sales of existing homes should reach 5,700 in 2011, a 2.6 per cent drop over 2010. Likewise, construction starts for all types of housing should hit 1,000 next year, a drop of 4.8 per cent over 2010.
Construction starts for single detached homes will see the biggest drop, with 600 starts predicted for 2011 — a drop of 11.8 per cent over 2010, and a full 198 starts lower than 2007.
Saskatoon Housing starts to dip in 2011
SK: The number of homes built in Saskatoon in 2011 will fall back from an estimated 2,125 houses constructed in the city this year, Canada Mortgage and Housing Corp. (CMHC) said Monday.
While new housing starts are up this year over 2009, when hammer met nail on 1,428 new residential projects, the CMHC says 2011 starts will moderate to 1,700 units.
National resale housing market further stabilizes
Canada: National resale housing activity edged higher for a second consecutive month in September 2010. Actual (not seasonally adjusted) national sales activity in September 2010 came in 19.8 per cent below last year’s record for the month, but stands only slightly below September sales in the previous three years.
CREA Ratifies Competition Consent Agreement in St John's
Canada: Members may no longer deny or discriminate against REALTORS® wishing to offer mere posting services on the Realtors.ca website.
Realtors to be eligible for EI coverage
Canada: Human Resources and Skills Development Minister Diane Finley to announce that self-employed REALTORS® can now participate in the Employment Insurance (EI) program.