May 30, 2014
CMHC Releases 2014 First Quarter Results
Canada Mortgage and Housing Corporation (CMHC) released today its results for the first quarter of 2014. Net income for the quarter was $406 million, up 7% year-over year. Insurance-in-force at quarter-end was $555 billion, a reduction of $2 billion from the 4th quarter of 2013. The increase in net income is mainly attributable to higher earnings from investments and lower insurance claims expenses, both a result of improved economic conditions.
Total insured volumes ($) for the three months ended 31 March 2014 increased by 14 per cent compared to the same period...
May 22, 2014
CMHC Housing Starts Forecast Point to a Soft Landing in 2014 and 2015
According to CMHC’s second quarter 2014 Housing Market Outlook, Canada Edition1, economic and demographic fundamentals continue to be supportive of new building activity. However, builders are expected to continue to adjust activity, particularly with respect to multi-units, in order to manage inventory levels.
“Builders are expected to continue to manage their starts activity in order to ensure that demand from buyers seeking new condominium units is first channeled toward unsold completed units or unsold units that are currently under construction,” said Mathieu Laberge, Deputy...
May 15, 2014
Canadian home sales pick up in April
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was up on a month-over-month basis in April 2014.
- National home sales rose 2.7% from March to April.
- Actual (not seasonally adjusted) activity stood 0.3% below April 2013 levels.
- The number of newly listed homes climbed 2.9% from March to April.
- The Canadian housing market remains in balanced territory.
- The national average sale price rose 7.6% on a year-over-year basis in April.
- The MLS® Home Price Index (HPI) rose 5.0% year-over-year in April.
The number of home sales...
May 15, 2014
Housing Demand Forecast to Rise Through 2015
The British Columbia Real Estate Association (BCREA) released its 2014 Second Quarter Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5.2 per cent to 76,700 units this year, before increasing a further 6.7 per cent to 81,800 units in 2015. The five-year average is 75,400 unit sales, while the ten-year average is 84,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.
“BC Home sales are expected to trend higher this year and in 2015, as stronger economic conditions...
May 13, 2014
Record Low Mortgage Rates Push Home Sales Higher
The British Columbia Real Estate Association (BCREA) reports that a total of 7,730 residential sales were recorded by the Multiple Listing Service® (MLS®) in April, up 12 per cent from April 2013. Total sales dollar volume was $4.3 billion, an increase of 19 per cent compared to a year ago. The average MLS® residential price in the province rose to $561,613, up 6.3 per cent from the same month last year.
“BC home sales trended higher in April as the typically robust spring market unfolds,” said Cameron Muir, BCREA Chief Economist. “Rising...
May 8, 2014
April 2014 Housing Starts in Canada
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...
May 5, 2014
CMHC Releases Its 2013 Annual Report
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...
May 2, 2014
Spring buyers and sellers emerge in the Greater Vancouver housing market
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.