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

Abbotsford Double Shooting Ends In Car Crash: Two Men Arrive At Hospital With Gunshot Wounds

Abbotsford Double Shooting Ends In Car Crash: Two Men Arrive At Hospital With Gunshot Wounds
Two men later arrived at hospital with gunshot wounds after being helped by a Good Samaritan.

Abbotsford Double Shooting Ends In Car Crash: Two Men Arrive At Hospital With Gunshot Wounds

Vancouver Police Strategy Targets Mental Health, Drug Crisis, High-Tech Tools

Vancouver Police Strategy Targets Mental Health, Drug Crisis, High-Tech Tools
VANCOUVER — The Vancouver Police Department has unveiled a five-year strategic plan aimed at improving public safety and stamping out crime across the city.

Vancouver Police Strategy Targets Mental Health, Drug Crisis, High-Tech Tools

Internet Charmed By Small Band Of Women Who Marched In Tiny N.S. Village

Internet Charmed By Small Band Of Women Who Marched In Tiny N.S. Village
When Gwen Wilson and Melissa Merritt decided at the last minute to organize their own women's march on Saturday, they were prepared to be the only ones trudging down the only road in their rural Nova Scotia village.

Internet Charmed By Small Band Of Women Who Marched In Tiny N.S. Village

Bald Eagle Escapes After Hole Cut In Enclosure At Ontario Zoo

Bald Eagle Escapes After Hole Cut In Enclosure At Ontario Zoo
THUNDER BAY, Ont. — An Ontario zoo says someone broke in and cut a large hole in a fence that allowed a bald eagle to escape.

Bald Eagle Escapes After Hole Cut In Enclosure At Ontario Zoo

Ontario Man With Sword Threatens To Behead Woman Who Offered Him Coffee: Police

Ontario Man With Sword Threatens To Behead Woman Who Offered Him Coffee: Police
A 49-year-old man is facing charges after allegedly waving a sword and threatening to behead a woman who offered him coffee.

Ontario Man With Sword Threatens To Behead Woman Who Offered Him Coffee: Police

New Brunswick University Says It Knows Who Carved Swastika On Snow-Covered Field

New Brunswick University Says It Knows Who Carved Swastika On Snow-Covered Field
Photos of a swastika carved in the snow at Alumni Field at the Sackville, N.B., university were captured on social media over the weekend.

New Brunswick University Says It Knows Who Carved Swastika On Snow-Covered Field