Canada’s housing market ‘vulnerable’ even as Toronto cools: CMHC

Organization says it’s the tenth straight quarter with this assessment

Canada Mortgage and Housing Corporation says the country’s overall real estate market remains “vulnerable” despite an easing in overvaluation in cities like Toronto and Victoria in the third quarter.

The federal agency says this is the tenth quarter in a row where it has given the overall Canadian housing market a “vulnerable” assessment.

CMHC’s finding is based on a number of factors including the level of imbalances in the housing market related to overbuilding, overvaluation, overheating and price acceleration when compared with historical averages.

It says it has changed Toronto and Victoria’s overvaluation rating from high to moderate when it measured it against factors such as population growth, personal disposable income and interest rates.

The degree of overall vulnerability remains high in Hamilton, Ont., and Vancouver, where the housing market has cooled in recent quarters but property prices remain high compared to these economic fundamentals.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

West Shore RCMP catches driver going 50 kilometres over speed limit

Driver caught on Veterans Memorial Parkway between Sooke and Kelly Roads

Garden suites coming soon to Saanich

Work is underway to legalize purpose-built detached garden suite rentals

VicPD officer used siren, emergency lights to get kids to school: OPCC report

Annual misconduct report includes VicPD former chief Frank Elsner and other officers

Saanich Gulf-Islands’s Elizabeth May coy about leadership plans

The federal Green party leader talks possibility of running as MP without being leader

Scheer says Canada more divided than ever, as NDP and Bloc hold cards close

While Liberals were shut out of two key prairie provinces, they took two-thirds of the seats in Ontario

POLL: Are you satisfied with the result of the federal election?

The ballots have now been counted and the dust has settled on… Continue reading

Estheticians can’t be forced to wax male genitals, B.C. tribunal rules

Langley transgender woman Jessica Yaniv was ordered to pay three salon owners $2,000 each

Two youth arrested in UBC carjacking at gunpoint, after being spotted in stolen Kia

‘A great deal of credit is due the alert person who called us,’ said North Vancouver Sgt. Peter DeVries

Open house for Royal Beach tonight

The third open house to gather public input on Royal Beach takes… Continue reading

People’s Party of Canada’s anti-immigration views ‘didn’t resonate’ with voters: prof

Party was formed on anti-immigration, climate denying views in 2018

Windstorm knocks out power for 10,000 in north and central B.C.

Power slowly being restored, BC Hydro says

Investor alert: ‘Split games’ pyramid scheme circulating in B.C.

British Columbia Securities Commission issues warning about scheme selling virtual shares

Federal NDP may support B.C. with major projects, Carole James says

SkyTrain Surrey extension, Massey Tunnel need Ottawa’s help

Most Read