Close X
Friday, November 29, 2024
ADVT 
National

Strong Evidence Of Problematic Conditions Persists In Real Estate Market: CMHC

The Canadian Press, 26 Jan, 2017 11:31 AM
  • Strong Evidence Of Problematic Conditions Persists In Real Estate Market: CMHC
TORONTO — Canada's federal housing agency says strong evidence of problematic conditions continues to exist in the national housing market.
 
Canada Mortgage and Housing Corporation says the most prevalent issues it has observed in the 15 markets it monitors are overbuilding and overvaluation, which occurs when house prices outpace economic fundamentals such as income and population growth.
 
CMHC first raised its overall risk rating for the national housing market to strong last October.
 
It said there is strong evidence of problematic conditions in Vancouver, Victoria, Saskatoon, Regina, Toronto and Hamilton.
 
Edmonton, Calgary, Winnipeg, Montreal and Quebec City show moderate evidence of such conditions, the agency said.
 
CMHC's housing market assessment is intended to be an early warning system to alert Canadians about problematic conditions developing in the country's real estate markets.
 
"Price acceleration in Vancouver, Victoria, Toronto and Hamilton indicates that home price growth may be driven by speculation as it is outpacing what economic fundamentals like migration, employment and income can support," CMHC's chief economist Bob Dugan said in a news release. 
 
"For this reason, homebuyers should ensure that their purchases are aligned with their needs as well as the long-term market outlook."

MORE National ARTICLES

Police To Release New Information In Case Of Nurse Accused Of Killing Seniors

Police To Release New Information In Case Of Nurse Accused Of Killing Seniors
WOODSTOCK, Ont. — Ontario Provincial Police say they will be releasing new information this week in the case of a former nurse accused of killing eight seniors in two long-term care homes.

Police To Release New Information In Case Of Nurse Accused Of Killing Seniors

More Immigrants Coming To Atlantic Canada, But Retention Rates Low: Report

More Immigrants Coming To Atlantic Canada, But Retention Rates Low: Report
The Atlantic Provinces Economic Council report says the number of immigrants reached a record 8,300 in 2015.

More Immigrants Coming To Atlantic Canada, But Retention Rates Low: Report

Winnipeg Girl, 9, Waits Outside In Cold When School Bus Doesn't Arrive

Winnipeg Girl, 9, Waits Outside In Cold When School Bus Doesn't Arrive
A Winnipeg mother is unhappy with school officials after her nine-year-old daughter spent more than two hours in the bitter cold when her school bus didn't show up.

Winnipeg Girl, 9, Waits Outside In Cold When School Bus Doesn't Arrive

Refugee Who Got Frostbite Crossing Manitoba Border May Lose Fingers Or Hands

Refugee Who Got Frostbite Crossing Manitoba Border May Lose Fingers Or Hands
On Dec. 24, Seidu Mohammed, 24, who is from Ghana in West Africa, crossed the border on foot near Emerson, Man., with another man from the same country.

Refugee Who Got Frostbite Crossing Manitoba Border May Lose Fingers Or Hands

Garbagemen Rescue 'Gorgeous Little' Kitten From New Brunswick Snowbank

Garbagemen Rescue 'Gorgeous Little' Kitten From New Brunswick Snowbank
FREDERICTON — Two garbagemen are being hailed for rescuing a frozen, urine-soaked kitten from a rural snowbank.

Garbagemen Rescue 'Gorgeous Little' Kitten From New Brunswick Snowbank

Family Of Calgary Couple And Their Five-Year-Old Grandson Still Feeling Pain

Family Of Calgary Couple And Their Five-Year-Old Grandson Still Feeling Pain
CALGARY — The family of a Calgary couple and their grandson who disappeared two years ago has issued a statement days before a suspect goes to trial.

Family Of Calgary Couple And Their Five-Year-Old Grandson Still Feeling Pain