Tag Archives: Canada Mortgage and Housing Corporation
Toronto home prices gain 7% in 2012 even as sales slip
Condo prices decline, sales down sharply in all segments
CBC News
Toronto home prices continued their steady march higher last year, with the average price of a resale home coming in at $497,298 in 2012, an almost 7% increase over the previous year.
The Toronto Real Estate Board said Friday that 85,731 Toronto-area homes changed hands last year. That’s a 4% decline from 89,096 in 2011.
“The number of transactions in 2012 was quite strong from a historic perspective,” board president Ann Hannah said. “We saw strong year-over-year growth in sales in the first half of the year, but this growth was more than offset by sales declines in the second half.”
In July, Ottawa implemented another crackdown on the mortgage industry that made it harder to get Canada Mortgage and Housing Corporation (CMHC) insurance, limiting mortgages to 25 years.
That put a damper on activity in Canada’s largest housing market, the data showed.
Comment: Lower sales volume in every month since the new rules sure proves that.
Sales were down in all segments of the market, from detached and semi-detached homes, to townhouses and condos. But with the exception of condos – the average price of a condo in the Greater Toronto Area dipped almost 1% to $325,726 – prices were higher on average in 2012 than they were in 2011.
The value of condos in the downtown “416″ area slipped by a bit more, down 1.8%, to $342,847.
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Contact the Jeffrey Team for more information – 416−388−1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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CMHC Releases its Tenth Annual Review of the State of Housing in Canada
As a result of prudent mortgage lending practices, the number of mortgages in arrears in Canada were trending down in 2011 and the first half of 2012, according to the Canadian Housing Observer, released today by Canada Mortgage and Housing Corporation (CMHC).
“The Canadian Housing Observer is an indispensable source of information about housing’s role in the economy, and better information helps contribute to the stability and efficiency of Canada’s housing system,” said Karen Kinsley, President of CMHC. “This marks the 10-year anniversary of this publication, relied on by many in the private, non-profit and government sectors for its analysis and insight into the dynamics of Canadian housing,” added Kinsley.
The 2012 Observer examines important housing highlights including:
* The rate of Canadian residential mortgages that were three months or more in arrears declined from 0.41% in 2011 to 0.36% in the first half of 2012;
* The net worth of Canadian households increased in 2011, with inflation-adjusted per capita net worth about $7,000 higher than prior to the recession;
* Moncton has the highest rate of household growth of major urban centres (also known as Census Metropolitan Areas or CMAs), from 2006 to 2011, followed by Kelowna, St. John’s, Calgary and Edmonton; more detail is available in the attached chart outlining the growth in the number of households in selected municipalities;
* With the number of households headed by seniors expected to rise through 2036, flexible housing can help meet their needs for comfort, security, independence, well-being and aging-in-place;
* Renovation spending in Canada grew 3 % in 2011 to $43.8 billion;
* The inventories of completed and unoccupied housing units per 10,000 population are near the historical average, suggesting overall inventories are in line with population growth;
* The recently introduced Canadian Covered Bond Legal Framework will support financial stability by facilitating diversified funding for lenders and strengthening the robustness of the Canadian covered bonds market;
* The average resale price of a home in Canada in 2011 was $363,116, with Vancouver having the highest average resale price at $779,730, while Trois-Rivières had the lowest average resale price at $156,919;
* Housing starts in Canada rose 2.1 % in 2011 and were above the long-term average at 194,000 units;
Available both in print and online, the Observer gives readers access to a broad range of statistical information on housing conditions. Online users can access a broad range of statistical information on housing conditions from national, regional and local perspectives.
New for 2012: interactive local data tables now include over 160 municipalities. Using the interactive tables and charts, various housing indicators (e.g. housing starts, rents and rental vacancy rates, household type and tenure, and core housing need) can be viewed quickly online.
The new data tables allow users to select the range of data for selected communities that is of interest to them. The online publication and data are available at www.cmhc.ca/observer.
As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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Contact the Jeffrey Team for more information – 416-388-1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
—————————————————————————————————–
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Toronto housing market slows while other Ontario cities gain
Housing sales, construction levels and price growth will be lower in 2013 in the Greater Toronto Area (GTA) as activity enters the year at a slower pace, according to Shaun Hildebrand, Canada Mortgage and Housing Corporation’s (CMHC) senior market analyst for Toronto.
CMHC presented its latest forecast for the GTA at the annual CMHC Housing Outlook Conference held earlier this month.
This year’s conference, entitled ‘How does Toronto measure up?’ had market analysts use local data to answer questions and address concerns they hear from housing-industry professionals.
“The GTA housing market will adjust down in the coming months but can be expected to regain some momentum in the second half of 2013,” said Hildebrand. “Stable fundamentals and a greater level of selection in the condo market will help first-time buying improve while demand from repeat buyers holds steady.”
Highlights from the onference include:
* The recent slowing in demand for new homes will bring housing construction back in line with demographics in 2013.
* Continued strength in rental market conditions will continue to provide support for the condo market.
* Relatively more affordable options across all markets will outperform next year due to reduced affordability for first-time buyers and slower home equity gains for repeat buyers.
As well, the outlook for smaller Ontario cities remains positive.
“Larger urban Ontario centres have been capturing a growing share of housing activity in recent years. A gradual shift in housing activity is expected as smaller urban housing markets hold up relatively better in 2013,” said Ted Tsiakopoulos, CMHC’s Ontario Regional Economist. “Housing markets in Windsor, Thunder Bay, Sudbury and London will outperform thanks to an ongoing U.S. economic recovery, relatively more affordable housing and residential construction that is better in line with household formation.”
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Contact the Jeffrey Team for more information – 416-388-1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
—————————————————————————————————–
Incoming search terms
Related posts:
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