CMHC Gives Canadian Housing Market Its Annual Once Over

Posted by Alan Zunec on Monday, January 7th, 2013 at 1:25pm.

The Canada Mortgage and Housing Corporation, or CMHC for short, just released its Canadian Housing Observer report. This missive gives an overall look at the status of the country’s housing market and how it ties in with the economy in general. Information is gathered from public, private and governmental sources to provide this insight. 2012 is the ten year anniversary for this report.

What was discovered is that for the last half of 2011 and the first six months of 2012, Canadians were more successful in paying down their mortgages and fewer of these loans were in arrears. In 2011 the percentage of home loans that were three or more months late was 0.41 percent. In 2012 that figure went to 0.36 percent.

Household net worth also went up by about $7,000, with Moncton in the lead of all metro areas surveyed. Kelowna was second, St. John’s third, Calgary fourth and Edmonton fifth. Senior housing is expected to increase through 2036 as Canada’s population ages. This will enable older folks to live more independently but still feel comfortable and secure.

Renovation spending went up three percent, coming in at $43.8 billion. Housing inventories are keeping up with national population growth. In 2011 the average price of a resale home nationwide was $363,116. Vancouver, British Columbia had the highest average, at $779,730 while Trois-Riveries came in with the lowest, at an average of $156,919. Housing starts were also up by 2.1 percent, with 194.000 units on the books.

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