Non-residents of Canada own less than five per cent of the housing in the Greater Toronto and Greater Vancouver areas, according to data released today by Statistics Canada.

In a joint project with the Canada Mortgage and Housing Corporation, the data agency weighed into the debate over foreign ownership in the housing market with new numbers.

The subject has been in focus this year as policymakers have begun to grapple with what sort of impact, if any, non-Canadians residents are having on the housing market. Some say a flurry of interest from foreigners is driving up prices, while others...

 Mortgage Rate Outlook

Canadian mortgage rates rose substantially in 2017 and are forecast to rise further in 2018. After beginning the year at or near historical lows for both the qualifying rate as well as 5-year contract rates, an acceleration of economic growth prompted a shift at the Bank of Canada and a withdrawal of stimulus implemented to help the economy absorb the oil-shock of 2015.

After the hawkish turn by the Bank of Canada, the Canadian 5-year bond yield, the key benchmark for the mortgage qualifying rate, seemed set on a higher trajectory before a slowing economy and the...

The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4 per cent from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1 per cent from November 2016. The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.

“November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist....

Fresh data on foreign investment in Toronto and Vancouver, Canada's largest cities, will be released next week in a move economists hope will shed light on what is driving demand - and a potential bubble - in the country's housing market.

While the Canada Mortgage and Housing Corp has said foreign investment accounts for only about 10 percent of sales activity, policymakers and voters alike have seized on the issue has a driving force behind precarious markets in both cities.

Statistics Canada's C$39.9 million, five-year project to better measure the market - using land registries and tax records,...

The trend in housing starts was 226,270 units in November 2017, compared to 216,642 units in October 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“The trend in housing starts reached its highest level in almost 10 years this November, reflecting a second consecutive increase in multiple starts,” said Bob Dugan, CMHC’s chief economist. “This largely reflects construction of multiple units in Toronto, where evidence...

On December 6, 2017, the Bank of Canada announced it was keeping its trend-setting overnight lending rate on hold at 1%. The rate rose by 0.25% in July and again in September. Since then, the Bank has continued to caution that future interest rate increases depend on whether economic data suggest that inflation is starting to percolate.

The Canadian economy has been evolving broadly in line with the Bank’s October forecast. That said, the Bank has pointed to elevated global risks, in particular the renegotiation of NAFTA.

The Bank also remains vigilant for signs of rising inflation and wage...

Metro Vancouver* saw modest home listing changes and steady demand in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,795 in November 2017, a 26.2 per cent increase from the 2,214 sales recorded in November 2016, and a 7.5 per cent decrease compared to October 2017 when 3,022 homes sold.

Last month’s sales were 17 per cent above the 10-year November sales average.

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome...