House Prices Rise – But Growth is Set to Slow
Figures released yesterday by the Canadian Real Estate Association show an increase of 7.1 per cent year on year, with Toronto and Vancouver the main drivers. The national average price was up to $416,584, however with Toronto and Vancouver removed, the average is a more modest $336,373, a growth of just over 5 per cent in a year. Although sales volumes jumped 5.9 per cent in May, with over three quarters of the country seeing increases, the CREA say that much of the growth is delayed purchases after the prolonged winter and that things are likely to slow down soon. Read the full story.
CMHC Boss Sets Out Vision
Following a report by the OECD which said the Canada Mortgage and Housing Corporation puts taxpayers at risk, Evan Siddall, President and CEO of CMHC says the company is there as a safeguard of the housing market and is there to help all Canadians. Mr Siddall says that they have restored CMHC to its core values of helping Canadian’s housing needs rather than their wants, and they have reduced exposure to low ratio loans. Referring to the economic downturn, he said that the CMHC helped protect the wider economy during tough times and, looking to the future, he says it is vital that the company is focused and ready to tackle whatever economic challenges occur. Read the full story.
Joe Oliver Not Concerned About Housing Market
Speaking after meeting with private sector economists in Ottawa, Finance Minister Joe Oliver said yesterday that he is not concerned that we may be heading into a housing bubble. Mr Oliver reiterated earlier projections that the market will see a soft landing, and said that strong growth seen recently was not a sign of an impending bubble. He said that he is comfortable with the economy and although there is more to be done in the real estate sector, he is confident that nothing dramatic needs to be done. Read the full story.
CMHC Launch Online Resource
Canada Mortgage and Housing Corporation have launched a new online portal enabling easy access to data and analysis. Access to the Housing Market Information Portal is free and allows users to find information such as city by city housing statistics, historical reports and searchable housing market reports. CMHC says it is another example of how they provide government, organisations, businesses and individuals with valuable information on Canada’s real estate market at no cost. Read the full story.