CMHC: NATIONAL HOUSING MARKET RISES FROM A MODERATE TO HIGH DEGREE OF VULNERABILITY

Sep 28, 2021

By Bob Komsic

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The country’s housing sector is feeling some heat as it went from a moderate to high degree of vulnerability from April through June.
Canada Mortgage and Housing Corporation (CMHC) says Toronto, Ottawa and Montreal are among regions facing the most risks.
CMHC attributes the escalation to price acceleration and overvaluations and says the shift was mainly a reflection of intensified, persistent imbalances in several local markets across Ontario and Eastern Canada.
”Even though we’ve seen a little bit of a moderation in some of the housing market statistics in the third quarter, when look at the second quarter results … activity was still much stronger than even it is today,” according to the federal housing agency’s chief economist.
”Housing market activity is very strong, price growth is still very strong and price levels are very high,” adds Bob Duggan.
Vulnerability ratings are based on overheating, price acceleration, overvaluation and excess inventories.
CHMC says if those become imbalanced or risks rise in several areas at once, markets could be more vulnerable and homeowners might begin struggling with mortgages.
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