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CMHC Releases Comprehensive Report on Housing in Canada

CMHC Releases Comprehensive Report on Housing in Canada

OTTAWA, September 30, 2010 — The value of housing activity related to new home construction, as well as the rental, sale and renovation of existing homes in Canada reached $307 billion 2009, or more than one-fifth of Canada’s total gross domestic product, reports the 2010 Canadian Housing Observer. This flagship publication now in its eighth year was released today by Canada Mortgage and Housing Corporation (CMHC).

“The Canadian Housing Observer provides a comprehensive review of the critical role housing plays in the Canadian economy,” said Karen Kinsley, President of CMHC. “The Observer details the far-reaching impact of housing in generating economic activity and employment across sectors, and highlights how housing finance continues to be a cornerstone of Canada’s financial system.”

Other key findings in the 2010 Observer include:

  • the relative resiliency of Canada’s housing finance system derives from several factors, including prudent financial industry practice, government involvement and regulatory oversight, and consumer behaviour;
  • renovation spending for alterations and improvements grew by 2.8 per cent, reaching about $40.3 billion in 2009;
  • from 2001 to 2006, the number of owner-occupied condominiums in Canada rose 37 per cent, three times faster than owner households overall
  • nationally, the incidence of urban core housing need continued to improve, decreasing from 13.9 per cent in 2002 to 12.4 per cent in 2007.

For the first time, the Observer analysed data for the period of 2002 to 2007 on persons moving into and out of core housing need and found that, for most of them, being in core housing need is temporary. Analysis shows that slightly more than 81 per cent of Canadians living in urban centres never lived in core housing need over the period 2002 to 2007. Of the remaining approximately 19 percent, the majority lived in core housing need for one or two years.

The 2010 Observer also reports on a unique Government of Canada initiative to foster sustainable communities. The EQuilibrium™ Communities Initiative is a three-year, $4.2 million collaborative initiative of Natural Resources Canada (NRCan) and CMHC under the Government of Canada’s ecoACTION umbrella. The initiative will help developers bring to market neighbourhoods that are affordable, energy-efficient, and environmentally sustainable. EQuilibrium™ Communities builds on the initial EQuilibrium™ Sustainable Housing Demonstration launched by CMHC in 2006 with support from NRCan, which brings the private and public sectors together to develop homes that are healthy and sustainable.

In addition to the Observer, CMHC offers detailed online statistical housing information and analysis. This includes CMHC’s Housing in Canada Online interactive tool that enables users to customize data tables, which provide more information on national, regional, local and off-reserve Aboriginal housing markets and housing conditions experience by households across Canada. New this year are online interactive figures (including maps, charts and tables) that enable users to access data in more graphic, visually engaging ways.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, call 1-800-668-2642.

 

(from   http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/2010-09-30-0815.cfm   November 9, 2010)

Published Tuesday, November 09, 2010 9:03 PM by Jennifer Jones

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