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 Evan Siddall, President and CEO of Canada Mortgage and Housing Corporation (CMHC), spoke today to the Board of Trade of Metropolitan Montreal. In his speech, Siddall explained to the Montreal business community “why housing matters” and how housing can be an effective tool to achieve broader social and economic policy objectives.

He noted that while housing can contribute to broader stability, problems in the housing sector can also be the sign of wider financial instability and he further expanded on the vulnerabilities facing the housing market in Canada.

“In Canada, affordability is key to financial stability. While the majority of Canadians are well housed, there are still too many that are struggling to meet their housing needs. CMHC has a responsibility to make use of government authorized programs to reduce core housing need for all Canadians,” said Siddall.

Siddall also spoke about CMHC’s role in leading the way to help fill important data gaps in Canadian housing information. He recognized that significant information gaps still exist and but noted that the corporation is working diligently to identify and help fill them.

His speech coincided with the release of CMHC’s most recent Housing Market Insight which includes data on foreign ownership of condominium apartments. The report asked condominium property managers to provide information on the total number of condominium apartment units owned by foreign residents. CMHC first started collecting this data in 2014.

Data were collected in the 16 following Census Metropolitan Areas (CMAs): Vancouver, Victoria, Kelowna, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Toronto, London, Hamilton, Kitchener, Ottawa, Gatineau, Montréal and Québec.

In Vancouver (3.5%) and Toronto (3.3%), the shares of foreign ownership of condominium apartments have increased compared to 2014, while in Montréal (1.3%) the share of foreign ownership of condominium apartments has remained relatively stable. CMHC’s survey results show a lower estimate of foreign ownership than findings from other studies on this topic due to differences in methodology, including definition of foreign residents, sample size, geographic coverage, and housing type.

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

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The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

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Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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