{"id":4749,"date":"2017-01-28T11:11:08","date_gmt":"2017-01-28T19:11:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4749"},"modified":"2017-01-28T11:48:12","modified_gmt":"2017-01-28T19:48:12","slug":"cmhc-keeps-red-flag-on-canadas-housing-market-with-several-cities-still-too-hot","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/01\/cmhc-keeps-red-flag-on-canadas-housing-market-with-several-cities-still-too-hot\/","title":{"rendered":"CMHC Keeps Red Flag on Canada&#8217;s Housing Market, with Several Cities Still Too Hot"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada Mortgage and Housing Corp. is not removing the red flag it raised three months ago for the housing market, saying there is still strong overall evidence of problematic market conditions.<\/p>\n<p style=\"text-align: justify;\">The Crown corporation, which provides housing advice for the federal government, said Thursday it has kept the rating for a second consecutive quarter due to overvaluation and price acceleration in the country\u2019s housing markets.<\/p>\n<p style=\"text-align: justify;\">\u201cWe continue to detect strong evidence of problematic conditions in Canada. Price acceleration in Vancouver, Victoria, Toronto and Hamilton indicates that home price growth may be driven by speculation as it is outpacing what economic fundamentals like migration, employment and income can support,\u201d said Bob Dugan, chief economist with CMHC. \u201cFor this reason, home buyers should ensure that their purchases are aligned with their needs as well as the long-term market outlook.\u201d<\/p>\n<p style=\"text-align: justify;\">The latest changes come after the federal\u2019s government recent crackdown on lending designed to slow the market. Among key changes has been a stress-testing of government backed mortgages and consumers with those products must qualify based on the five-year Bank of Canada posted rate of 4.64%.<\/p>\n<p style=\"text-align: justify;\">CMHC noted in its release that even though prices rose seven per cent on a year over year basis at the end of the third quarter of 2016, once Ontario \u2014 and its red-hot Greater Toronto Area market \u2014 was removed, house prices remain flat through the period.<\/p>\n<p style=\"text-align: justify;\">The quarterly Housing Market Assessment report is said by CMHC to provide an \u201cearly warning system\u201d to alert Canadians about concerns the Crown corporation has about housing markets so people can take action. CMHC says the goal is promote stability in the market.<\/p>\n<p style=\"text-align: justify;\">Conditions are broken down into four categories, overheating, price acceleration, overvaluation and overbuilding. Each category gets a weak, moderate or strong rating and 15 centres are studied with an overall rating and then further overall rating produced for the country.<\/p>\n<p style=\"text-align: justify;\">Six cities made it into the red zone for overall strong evidence of problematic conditions. Vancouver, Saskatoon, Regina, Hamilton and Toronto were on for a second quarter in a row, while Calgary dropped off to moderate replaced by Victoria which now shows strong evidence of problematic conditions.<\/p>\n<p style=\"text-align: justify;\">\u201cEvidence of problematic conditions has increased in Victoria since the previous assessment due to moderate evidence of price acceleration and overvaluation,\u201d said CMHC, in its release.<\/p>\n<p style=\"text-align: justify;\">The Crown corporation says overvaluation and overbuilding are the most prevalent problematic conditions observed across the 15 centres covered, detected in eight centres.<\/p>\n<p style=\"text-align: justify;\">In Calgary, CMHC said there is evidence problematic conditions have decreased since the previous assessment as some housing markets in oil-dependent centres are now rebalancing.<\/p>\n<p style=\"text-align: justify;\">\u201cAs Calgary home prices have become more in-line with economic and demographic fundamentals, our overall assessment posted an improvement from strong to moderate evidence of problematic conditions,\u201d said Richard Cho, a market analyst in Calgary for CMHC. \u201cHowever, overbuilding is still a concern as Calgary\u2019s rental apartment vacancy rate remains at an elevated level.\u201d<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/cmhc-keeps-red-flag-on-canadas-housing-market-with-several-cities-still-too-hot\" target=\"_blank\">CMHC Keeps Red Flag on Canada&#8217;s Housing Market, with Several Cities Still Too Hot <\/a>by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada Mortgage and Housing Corp. is not removing the red flag it raised three months ago for the housing market, saying there is still strong overall evidence of problematic market &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/cmhc-keeps-red-flag-on-canadas-housing-market-with-several-cities-still-too-hot\/\">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":[13],"tags":[],"class_list":["post-4749","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CMHC Keeps Red Flag on Canada&#039;s Housing Market, with Several Cities Still Too Hot &#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\/2017\/01\/cmhc-keeps-red-flag-on-canadas-housing-market-with-several-cities-still-too-hot\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CMHC Keeps Red Flag on Canada&#039;s Housing Market, with Several Cities Still Too Hot &#8226; 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