Close X
Monday, November 11, 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

'Extremely Close' Winnipeg Family Distraught After Parents Killed During Cuban Vacation

'Extremely Close' Winnipeg Family Distraught After Parents Killed During Cuban Vacation
WINNIPEG — The three children of a Winnipeg couple who were killed in an ambulance collision while vacationing in Cuba are fundraising to help bring the bodies of their parents home and cover their funeral expenses.

'Extremely Close' Winnipeg Family Distraught After Parents Killed During Cuban Vacation

Former Newfoundland Star Athlete Pleads Not Guilty To First-degree Murder

Former Newfoundland Star Athlete Pleads Not Guilty To First-degree Murder
  Five weeks have been set aside for the trial of Anne Norris, a 29-year-old former leading athlete, to start on Jan. 15 of next year.

Former Newfoundland Star Athlete Pleads Not Guilty To First-degree Murder

Ontario Agrees To Fund Toronto Supervised Injection Sites Amid Opioid Crisis

Ontario Agrees To Fund Toronto Supervised Injection Sites Amid Opioid Crisis
TORONTO — Ontario is committing to fund three supervised injection sites in Toronto at an estimated annual cost of $1.6 million and about $400,000 to create the spaces.

Ontario Agrees To Fund Toronto Supervised Injection Sites Amid Opioid Crisis

Cougar Sedated And Captured Outside Kelowna, B.C., Apartment

Cougar Sedated And Captured Outside Kelowna, B.C., Apartment
An unexpected and unwanted visitor to an apartment building in Kelowna, B.C., on Sunday night set off a quick response by police and the conservation service.

Cougar Sedated And Captured Outside Kelowna, B.C., Apartment

Indian-Origin Man Arrested for Shooting of U.S. Consular Official in Mexico

Indian-Origin Man Arrested for Shooting of U.S. Consular Official in Mexico
Impacto el Diario and El Mudo described Zia as being of "Hindu" origin, while the Cronica.com said he was "Indian." In Mexico sometimes "Hindu" and "Indian" used interchangeably as national identification, rather than religious.

Indian-Origin Man Arrested for Shooting of U.S. Consular Official in Mexico

No Arrests As Police In Vancouver Probe Apparently Targeted Shooting

No Arrests As Police In Vancouver Probe Apparently Targeted Shooting
A 58-year-old man was taken to hospital suffering from an apparent gunshot wound to the leg.

No Arrests As Police In Vancouver Probe Apparently Targeted Shooting