Housing starts in Canada were trending at 183,515 units in April compared to 184,602 in March, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)¹ of housing starts.

“In April, the trend in housing starts was essentially stable at 183,515 units. This is in line with CMHC’s analysis indicating that the new home construction market in Canada is headed for a soft landing in 2014,” said Mathieu Laberge, Deputy Chief Economist. “Over the remainder of the year, builders are...

Canada Mortgage and Housing Corporation (CMHC) today released its 2013 Annual Report, focusing on how the Corporation contributes to market efficiency, a sound and stable housing finance system for Canada, increased housing quality and sustainability, while continuing to deliver federal investments in assisted housing.

“CMHC’s 2013 Annual Report details how CMHC’s mortgage loan insurance and securitization activities have promoted the stability of the housing market and the financial system,” said Evan Siddall, President and Chief Executive Officer of CMHC. “The quality...

Home buyers and sellers became more active in the Greater Vancouver housing market in April. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the Multiple Listing Service® (MLS®) in April 2014. This represents a 16.1 per cent increase compared to the 2,627 sales recorded in April 2013, and a 15.5 per cent increase compared to the 2,641 sales in March 2014. 

Last month’s sales were 5.2 per cent below the 10-year sales average for April of 3,217.
The sales-to-active-listings...

April 24, 2014 - Saskatoon, Saskatchewan—Some Canadian sectors and regions are hot and some are not, but all will ultimately reap the benefits of the country’s rich resource endowment, even as some difficult adjustments take place, Bank of Canada Governor Stephen S. Poloz said today in Saskatoon.
Canada has been adjusting to two major economic shocks in recent years, Governor Poloz told members of the Saskatchewan Trade and Export Partnership. One shock is the aftermath of the financial crisis, which lowered global demand, hindering all sectors. The other is a rise in oil prices that...

April 16, 2014– The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
Inflation in Canada remains low. Core inflation is expected to stay well below 2 per cent this year due to the effects of economic slack and heightened retail competition, and these effects will persist until early 2016. However, higher consumer energy prices and the lower Canadian dollar will exert temporary upward pressure on total CPI inflation, pushing it closer to the 2 per cent target...

April 25, 2014 – As part of the review of its mortgage loan insurance business, CMHC is discontinuing its Second Home and Self-Employed Without 3rd Party Income Validation mortgage insurance products effective May 30, 2014. Self-employed Canadians can still qualify for CMHC insured financing through CMHC homeowner products with a validation of their income using traditional methods.
“CMHC helps Canadians meet their housing needs and contributes to the stability of the housing market and finance system” said Steven Mennill, Senior Vice-President,...

April 15, 2014.  TheBritish Columbia Real Estate Association (BCREA) reports that a total of 6,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in March, up 16.8 per cent from March 2013. Total sales dollar volume was $3.7 billion, an increase of 21.5 per cent compared to a year ago. The average MLS® residential price in the province rose to $562,316, up 4 per cent from the same period last year.

"While home sales are up from a year ago, consumer demand in the province has largely been treading water over the first quarter,” said Cameron Muir, BCREA...

OTTAWA, April 8, 2014 — Housing starts in Canada were trending at 184,476 units in March compared to 191,126 in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)¹ of housing starts.

“In March, the trend in housing starts declined below 190,000 units for the first time in six months, reflecting a decrease in multiple unit starts. Lower starts activity over the remainder of the year compared to 2013 is anticipated as builders continue to adjust activity in order to manage...

March home sales in Greater Vancouver outpaced last year’s total yet lagged the region’s historical average for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,641 on the Multiple Listing Service® (MLS®) in March 2014. This represents a 12.5 per cent increase compared to the 2,347 sales recorded in March 2013, and a 4.4 per cent increase compared to the 2,530 sales in February 2014.

Last month’s sales were 17.2 per cent below the 10-year sales average for March of 3,190.

The sales-to-a...

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Halifax, Nova Scotia—Demographic forces and the hangover from the global financial crisis together are putting limits on economic growth, Bank of Canada Governor Stephen S. Poloz said today in Halifax.
“A period of subdued growth after a financial crisis can still be regarded as cyclical, in the sense that it will eventually prove to be temporary,” Governor Poloz told members of the Halifax Chamber of Commerce. “But the global economy may not be just suffering through a hangover from the financial crisis. There are other, longer-term forces at work as well.”
In his speech,...

March 17, 2014 

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was little changed in February 2014 on a month-over-month basis.

Highlights:

• National home sales edged up 0.3% from January to February.
• Actual (not seasonally adjusted) activity stood 1.9% above February 2013 levels.
• The number of newly listed homes edged up 0.6% from January to February.
• The national average sale price rose 10.1% on a year-over-year basis in February.
• The MLS® Home Price Index (HPI) rose 5.1% year-over-year in February.

The number of home...

March 17, 2014

The British Columbia Real Estate Association (BCREA) reports that a total of 5,578 residential sales were recorded by the Multiple Listing Service® (MLS®) in February, up 24.9 per cent from February 2013. Total sales dollar volume was $3.4 billion, an increase of 43.1 per cent compared to a year ago. The average MLS® residential price in the province rose to $611,688, up 15.4 per cent from the same period last year.

 “Consumer demand was much stronger in February compared to a year ago, but edged lower compared to...

The Bank of Canada announced on March 5^th, 2014 that it was keeping its trend-setting overnight lending rate at 1 per cent, where it has been parked since September 2010. Canadian private sector forecasters currently expect the overnight lending rate to remain on hold until well into 2015.

In its assessment of the overall economy, the Bank recognized that recent economic growth was slightly stronger than it expected and inflation was a bit higher than it anticipated. On their own, these two factors are likely to result in increased financial market speculation about interest rates rising sooner...

OTTAWA, March 10, 2014 — Housing starts in Canada were trending at 192,236 units in February compared to 191,513 in January, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.
“The trend in housing starts remained stable in February for the seventh consecutive month. Since August 2013, the trend has essentially remained in the 185,000 to 195,000 range, with monthto-month variations generally of two per cent or less. This is in line...

The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 1 per cent. In its accompanying statement, the Bank noted that the economy is preceding largely on the path the Bank projected in its January Monetary Policy Report. While inflation and growth were slightly higher than expected in the fourth quarter of 2013, the Bank expects slack in the economy to keep inflation below the Bank's 2 per cent target this year. The Bank does not view the risks associated with elevated household imbalances as materially changed and judges the current stance of monetary...

In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.

Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating...

Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014.
The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply tomortgages currently insured by CMHC.
CMHC’s capital management framework is consistent with international practices and Canadian guidelines for mortgage insurers....

First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible.

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional...