Posted: March 10, 2010 at 3:35 pm | Tags: activity, Alexander Housing, Bob Dugan, canada, Chief Economist, Corporation, demand, forecast, half, home, Housing Market, market, MLS, Moishe, Mortgage, Mr. Dugan, pace, point, quarter, range
Posted by Moishe Alexander
Housing starts rebounded in the second half of 2009 and will strengthen in 2010, according to Canada Mortgage and Housing Corporation’s first quarter Housing Market Outlook, Canada Edition*.
Following a total of 149,081 units in 2009, housing starts are expected to be in the range of 152,000 to 189,300 units in 2010, with a point forecast of 171,250 units. In 2011, housing starts will be in the range of 156,400 to 205,600 units, with a point forecast of 175,150 units.
“Canadian housing markets will benefit from improving economic conditions and low mortgage rates,” said Bob Dugan, Chief Economist for CMHC. “As well, measures recently announced by the Government of Canada to support the long-term stability of Canada’s housing market will help moderate housing activity as some potential buyers will have to save a larger down payment or consider a less expensive home.”
Mr. Dugan also noted that the existing home market has shifted from a buyers’ market, at the beginning of 2009, to a sellers’ market. The relative lack of new listings for existing homes has pushed some of the demand into the new home market, which helps explain the forecast for higher housing starts activity in 2010.
The strong pace of MLS®1 sales seen in the second to fourth quarters of 2009 reflects, in part, activity that was delayed in the previous two quarters. The pace is not likely to be sustained as pent-up demand is exhausted and financing costs increase with anticipated higher interest rates later in 2010. As a result, existing home sales will be in the range of 455,350 to 509,900 units in 2010, with a point forecast of 486,700 units, and then move slightly lower in 2011 to be in the range of 426,300 to 494,600 units, with a point forecast of 469,950 units.
With an improved balance between demand and supply, the average MLS® price is expected to remain close to the average in the last quarter of 2009, for most of 2010, and then rise modestly in 2011.
Posted: March 10, 2010 at 3:28 pm | Tags: Alexander, Analysis, Atlantic, Bob Dugan, British Columbia, canada, cent, Chief Economist, CMHC, Corporation, February, gain, Housing Market, increase, January, market, Moishe, Mortgage, Ontario, Prairie, Quebec, Rate, segment, Starts, Toronto, Urban
The seasonally adjusted annual rate1 of housing starts reached 196,700 units in February 2010. This is an increase from an annual rate of 185,400 units in January 2010, according to Canada Mortgage and Housing Corporation (CMHC).
Posted by Moishe Alexander
“The gain in February housing starts was concentrated in the multiple starts segment, particularly in Toronto,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.
The seasonally adjusted annual rate of urban starts increased by 9.0 per cent to 179,100 units in February. Urban multiple starts increased by 19.1 per cent to 89,900 units while single urban starts increased by 0.5 per cent to 89,200 units.
February’s seasonally adjusted annual rate of urban starts increased by 28.6 per cent in Ontario, by 14.3 per cent in Atlantic Canada, by 10.8 per cent in the Prairie region and by 8.0 per cent in British Columbia. In Quebec, the seasonally adjusted annual rate of urban starts decreased by 14.1 per cent.
Posted: March 10, 2010 at 10:33 am | Tags: canada, CMHC, Corporation, Economic, Housing Market, Minister Paradis, Mortgage, Nation, Plan
MONTREAL, QUEBEC, February 5, 2010 — The Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), announced today an investment of $150,000 as part of Canada’s Economic Action Plan to improve housing conditions for Mohawk Communities.
The Honourable Christian Paradis, Minister of Natural Resources, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), made the announcement today.
“Our government’s Economic Action Plan is improving housing conditions for those who live in First Nation communities in Quebec. We are also stimulating the local economy by creating jobs,” said Minister Paradis.
Through Canada’s Economic Action Plan, the Government of Canada has committed $400 million over the next two years to help First Nation communities build needed new housing, repair and remediate existing non-profit housing for their members, and complement housing programs offered by CMHC. This investment will also provide an economic stimulus for many First Nations and surrounding areas by creating jobs.
The application calls for the year one (2009/2010) new funding initiatives under Canada’s Economic Action Plan were very successful and generated a large number of applications. As a result, CMHC will be fully allocating all the available funding for the fiscal year.
The year two (2010/2011) application call is now open. Applications for this second round of funding will be accepted between February 1, 2010 and February 22, 2010.
Through Canada’s Economic Action Plan, some $45 million in federal investments will be made available to First Nations in Quebec to address immediate housing needs.
CMHC will allocate $150,000 to retrofit 48 social housing units in Kahnawake and Kanesatake to improve living conditions in these First Nation communities.
Posted by Moishe Alexander the CEO of Canadian Funding Corp .