{"id":1775,"date":"2016-04-27T15:15:16","date_gmt":"2016-04-27T22:15:16","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1775"},"modified":"2016-04-27T13:29:19","modified_gmt":"2016-04-27T20:29:19","slug":"cmhc-sounds-overvaluation-alarm","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/cmhc-sounds-overvaluation-alarm\/","title":{"rendered":"CMHC Sounds Overvaluation Alarm"},"content":{"rendered":"<p style=\"text-align: justify;\">Several major markets are overvalued, and many more are being overbuilt, according to the Canada Mortgage and Housing Agency.<\/p>\n<p style=\"text-align: justify;\">Nine major markets are overvalued and seven are being overbuilt, according to the Crown Corporation\u2019s Q2 Housing Market Assessment.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile we see weak evidence of problematic conditions overall nationally, we do detect moderate evidence of overvaluation, meaning house prices remain higher than the level personal disposable income, population growth and other fundamentals would support,\u201d Bob Dugan, chief economist, Canada Mortgage and Housing Corporation, said in a release.<\/p>\n<p style=\"text-align: justify;\">The Crown Corporation breaks down its assessment by market, assigning a rating of \u201cstrong,\u201d \u201cmoderate,\u201d and \u201cweak\u201d evidence of problematic conditions.<\/p>\n<p style=\"text-align: justify;\"><strong>Markets with strong evidence of problematic conditions<\/strong><\/p>\n<p style=\"text-align: justify;\">Toronto :<br \/>\n\u201cFewer launches of new single detached projects in recent years meant demand is increasingly absorbed by the high end resale market. As a result, inventories of both new and resale single-detached homes have declined contributing to rapid price growth,\u201d CMHC said in its report.<\/p>\n<p style=\"text-align: justify;\">Calgary :<br \/>\n\u201cHouse prices in Calgary have not been completely supported by economic and demographic fundamentals, leading to a moderate evidence of overvaluation,\u201d CMHC said. \u201cIn addition, we detect moderate evidence of overbuilding in Calgary as the vacancy rate rose to an elevated level.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Markets with moderate evidence of problematic conditions<\/strong><\/p>\n<p style=\"text-align: justify;\">Vancouver :<br \/>\n\u201cWe see strong evidence of overvaluation in Vancouver\u2019s housing market. Single detached home prices are higher than levels supported by economic fundamentals and inventories of new and resale homes are declining while demand remains high,\u201d Robyn Adamache, principal market analyst (Vancouver), Canada Mortgage and Housing Corporation, said. \u201cWe\u2019re also keeping an eye on overheating and price acceleration which are slowly advancing but evidence of these conditions remains weak.<br \/>\n\u201cOverall, we see moderate evidence of problematic conditions in Vancouver.\u201d<\/p>\n<p style=\"text-align: justify;\">Edmonton :<br \/>\n\u201cNew home inventories have been on the rise, while the number of units under construction remains elevated,\u201d CMHC said. \u201cThere is a potential for the market to exhibit signs of overbuilding moving forward as inventory is expected to increase further.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Markets with weak evidence of problematic conditions<\/strong><\/p>\n<p style=\"text-align: justify;\">Hamilton :<br \/>\n\u201cPrice growth for single-detached homes has been stronger than warranted by increases in fundamental factors such as population, employment, and income,\u201d CMHC said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.cmhc-schl.gc.ca\/odpub\/esub\/68456\/68456_2016_Q02.pdf?fr=1461773298846\" target=\"_blank\">Click here<\/a> to read the entire report.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/cmhc-sounds-overvaluation-alarm-206437.aspx\" target=\"_blank\">CMHC Sounds Overvaluation Alarm<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several major markets are overvalued, and many more are being overbuilt, according to the Canada Mortgage and Housing Agency. Nine major markets are overvalued and seven are being overbuilt, according &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/cmhc-sounds-overvaluation-alarm\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1775","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CMHC Sounds Overvaluation Alarm &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/cmhc-sounds-overvaluation-alarm\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CMHC Sounds Overvaluation Alarm &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Several major markets are overvalued, and many more are being overbuilt, according to the Canada Mortgage and Housing Agency. 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