Monday, June 23, 2014
Monday, January 20, 2014
Saturday, November 30, 2013
Toronto's housing market will remain stable next year, according to Ed Heese, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for Toronto. CMHC presented its latest forecast for the Toronto Census Metropolitan Area (CMA) at the annual CMHC Housing Outlook Conference.
At this year's conference, entitled 'Profiling Toronto's Echo Boomer', CMHC market analysts explained how the Echo Boomer demographic will influence homebuying trends in Toronto and provided an in-depth housing market forecast for 2014.
"Housing markets in Toronto next year will look quite similar to what we're seeing this year. Existing home sales will be up modestly while housing starts will ease," said Ed Heese. "Rental vacancies will remain relatively low, but the rate of increase in rents will slow.
Highlights from today's conference include:
- Total housing starts will ease in 2014 with activity shifting to semi-detached and row homes from single-detached homes and apartments.
- Gradually rising mortgage rates will keep existing home sales growth modest.
- Rising home values will keep more people in rental housing, but additional condo rentals will keep rental supply in balance with demand.
- After lagging in 2013, income growth will match broadly based employment growth.
"Housing activity in Ontario will slow in 2013 then stabilize by 2014, thanks in large part to an improving Ontario economy, lower inventories of unsold homes and less out-migration to other provinces. Tight resale market conditions for single detached homes, active repeat buyers and improving income growth will allow demand for lower density homes to hold up better for most of 2014," said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.
Monday, November 4, 2013
Canada Mortgage and Housing Corp. has tweaked its 2013 and 2014 forecasts for housing starts.
CMHC now expects slightly more housing starts this year and slightly fewer in 2014 than in the previous outlook issued in August.
That will result in a period of relative stability, although both years will be slower than 2012, when there were 214,827 housing units started.
The new forecast is for between 179,300 and 190,600 units this year, with a mid-point of 185,000 units.
That's up from the previous 2013 forecast of 182,800 starts - an increase of 2,200 that is almost offset by a lower forecast for 2014.
CMHC's new 2014 range is 163,700 and 205,700 units, or 184,700 at the mid-point, down 1,900 from 186,600 units in the August forecast.
Monday, September 16, 2013
Housing starts in Canada were trending at 180,291 units in August compared to 193,021 in July, according to the Canada Mortgage and Housing Corporation.
"The trend in total housing starts continued to be relatively stable for a sixth consecutive month, remaining within a narrow range of roughly 182,000 to 188,000 units since March, 2013," Mathieu Laberge, deputy chief economist, said in a CMHC statement.
The standalone monthly seasonally adjusted annual rate (SAAR) for urban starts decreased by 5.8% in August to 163,102 units, mostly because of declines in multiple starts. They were down 8.4% to 104,704 units in August. The single urban starts registered only a slight decline of 0.9% to 58,398 units.
The seasonally adjusted annual rate of urban starts increased in Ontario, the province with more than a third of the population, and held steady in Atlantic Canada. They decreased in the other regions - the Prairie Provinces, British Columbia and Quebec.
On Monday this week, Statistics Canada reported an increase of 4.1% to C$2.2 billion for single-family dwellings in building permits issued in July by municipalities, and a 4.2% increase to C$1.9 billion for multi-family dwellings, over those issued in June. These increases occurred in six of the 10 provinces. They did not offset the 12.8% plunge recorded in June, Statistics Canada said.
Also in recent days, regional real estate boards reported increases in sales of existing homes, propelled by fears of higher mortgage interest rates coming, according to analysts and real estate agents. They ranged from 52% higher in Greater Vancouver, year-over-year, and 21% in Toronto and ranged from +30% to roughly +10% in other major urban centers.
Monday, August 26, 2013
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