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

PM Trudeau To Meet Trump In The 'Next 30 Days Or So' To Talk New NAFTA Deal

A spokesman for Donald Trump confirmed the upcoming discussions as he held his first daily White House briefing Monday and took questions on trade, counter-terrorism and a dispute over him making misleading statements.

PM Trudeau To Meet Trump In The 'Next 30 Days Or So' To Talk New NAFTA Deal

Mojito With Your Manicure? B.C. Now Let's Businesses Apply For Liquor Licences

Mojito With Your Manicure? B.C. Now Let's Businesses Apply For Liquor Licences
From book stores to barber shops, businesses across British Columbia can now ask the provincial government for permission to serve liquor.

Mojito With Your Manicure? B.C. Now Let's Businesses Apply For Liquor Licences

Quebec Motorist Charged In Death Of Pregnant Woman

Quebec Motorist Charged In Death Of Pregnant Woman
QUEBEC — A Quebec man is facing three charges in the death of a pregnant woman who was struck by a vehicle at a pedestrian crossing last summer.

Quebec Motorist Charged In Death Of Pregnant Woman

2 Bodies Exhumed In Investigation Into Former Ontario Nurse Charged With Murder

2 Bodies Exhumed In Investigation Into Former Ontario Nurse Charged With Murder
LONDON, Ont. — Police have exhumed two bodies as part of an ongoing murder investigation into the deaths of eight Ontario seniors who were allegedly killed by a former nurse.

2 Bodies Exhumed In Investigation Into Former Ontario Nurse Charged With Murder

Montreal-Area City Of Westmount Reaches Agreement With Sexual-Abuse Victims

Montreal-Area City Of Westmount Reaches Agreement With Sexual-Abuse Victims
MONTREAL — The Montreal-area city of Westmount says it has reached a settlement with the sex-abuse victims of one of its former employees.

Montreal-Area City Of Westmount Reaches Agreement With Sexual-Abuse Victims

Donald Trump Signs Orders Advancing Keystone XL And Dakota Access Pipelines

Donald Trump Signs Orders Advancing Keystone XL And Dakota Access Pipelines
US President Donald Trump on Tuesday signed an executive order to revive controversial Keystone XL and Dakota Access oil pipelines.

Donald Trump Signs Orders Advancing Keystone XL And Dakota Access Pipelines