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4359187Article last amended: Oct 28 at 4:26:05 UTC (history) |
Friday, October 27, 2017
In a quarterly news release on Thursday, Canada Mortgage and Housing Corporation (CMHC) said that Canada’s housing market is highly vulnerable, especially in Toronto and Hamilton in Ontario, Vancouver and Victoria in British Columbia, and in Saskatoon, Sasketchewan. It also identified a growing concern of overbuilding in Calgary and Edmonton in Alberta.
Calgary and Edmonton, the largest and second largest cities in Alberta have a large inventory of unsold homes. The CMHC has expressed concern that this may drive down prices of homes in the area and may also affect the job market.
Vancouver which is now less affordable than Manhattan in New York, Toronto, Victoria, Hamilton and Saskatoon were all assessed by the CMHC’s quarterly report as highlty overvaluated, however, Vancouver and Toronto, the first an second most expensive housing markets in Canada have experienced a moderating of price growth.
The housing markets of Winnipeg in Manitoba, Ottawa in Ontario, Montreal and Quebec in Quebec, Moncton in New Brunswick, Halifax in Nova Scotia, and St. John’s in Newfoundland, were all assessed as low or moderate risk.