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)