CMHC Releases its Tenth Annual Review of the State of Housing in Canada

OTTAWA, ONTARIO--(Marketwire - Dec. 18, 2012) - As a result of prudent mortgage lending practices, the number of mortgages in arrears in Canada were trending down in 2011 and the first half of 2012, according to the Canadian Housing Observer, released today by Canada Mortgage and Housing Corporation (CMHC).

"The Canadian Housing Observer is an indispensable source of information about housing's role in the economy, and better information helps contribute to the stability and efficiency of Canada's housing system," said Karen Kinsley, President of CMHC. "This marks the 10-year anniversary of this publication, relied on by many in the private, non-profit and government sectors for its analysis and insight into the dynamics of Canadian housing," added Kinsley.

The 2012 Observer examines important housing highlights including:

• The rate of Canadian residential mortgages that were three months or more in arrears declined from 0.41% in 2011 to 0.36% in the first half of 2012;
• The net worth of Canadian households increased in 2011, with inflation-adjusted per capita net worth about $7,000 higher than prior to the recession;
• Moncton has the highest rate of household growth of major urban centres (also known as Census Metropolitan Areas or CMAs), from 2006 to 2011, followed by Kelowna, St. John's, Calgary and Edmonton; more detail is available in the attached chart outlining the growth in the number of households in selected municipalities;
• With the number of households headed by seniors expected to rise through 2036, flexible housing can help meet their needs for comfort, security, independence, well-being and aging-in-place;
• Renovation spending in Canada grew 3 % in 2011 to $43.8 billion;
• The inventories of completed and unoccupied housing units per 10,000 population are near the historical average, suggesting overall inventories are in line with population growth;
• The recently introduced Canadian Covered Bond Legal Framework will support financial stability by facilitating diversified funding for lenders and strengthening the robustness of the Canadian covered bonds market;
• The average resale price of a home in Canada in 2011 was $363,116, with Vancouver having the highest average resale price at $779,730, while Trois-Rivières had the lowest average resale price at $156,919;
• Housing starts in Canada rose 2.1 % in 2011 and were above the long-term average at 194,000 units;

Available both in print and online, the Observer gives readers access to a broad range of statistical information on housing conditions. Online users can access a broad range of statistical information on housing conditions from national, regional and local perspectives.

New for 2012: interactive local data tables now include over 160 municipalities. Using the interactive tables and charts, various housing indicators (e.g. housing starts, rents and rental vacancy rates, household type and tenure, and core housing need) can be viewed quickly online.

The new data tables allow users to select the range of data for selected communities that is of interest to them. The online publication and data are available at www.cmhc.ca/observer.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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, visit www.cmhc.ca or call 1-800-668-2642.

Follow CMHC on Twitter @CMHC_ca

BACKGROUNDER CANADIAN HOUSING OBSERVER
Household Growth Summary Canada, Provinces, Territories and Census Metropolitan Areas, 2006-2011
	2006	2011	Growth (per cent)	Avg. Annual Growth
Yukon	12,615	14,117	11.9	300
Alberta	1,256,192	1,390,275	10.7	26,817
Nunavut	7,855	8,661	10.3	161
British Columbia	1,642,715	1,764,637	7.4	24,384
Ontario	4,554,251	4,887,508	7.3	66,651
Canada	12,435,520	13,320,614	7.1	177,019
Quebec	3,188,713	3,395,343	6.5	41,326
Prince Edward Island	53,084	56,462	6.4	676
New Brunswick	295,871	314,007	6.1	3,627
Newfoundland and Labrador	197,245	208,842	5.9	2,319
Saskatchewan	387,160	409,645	5.8	4,497
Manitoba	448,766	466,138	3.9	3,474
Nova Scotia	376,829	390,279	3.6	2,690
Northwest Territories	14,224	14,700	3.3	95
Census Metropolitan Areas
Moncton	51,593	58,294	13.0	1,340
Kelowna	66,925	74,942	12.0	1,603
St. John's	70,663	78,960	11.7	1,659
Calgary	415,592	464,001	11.6	9,682
Edmonton	405,311	450,786	11.2	9,095
Ottawa-Gatineau	450,333	498,636	10.7	9,661
Toronto	1,801,071	1,989,705	10.5	37,727
Brantford	47,847	52,726	10.2	976
Saskatoon	95,257	104,237	9.4	1,796
Vancouver	817,033	891,336	9.1	14,861
Oshawa	119,028	129,698	9.0	2,134
Québec	318,001	345,892	8.8	5,578
Sherbrooke	84,605	91,099	7.7	1,299
Trois-Rivières	65,153	70,138	7.7	997
Kitchener-Cambridge-Waterloo	169,063	181,493	7.4	2,486
Guelph	51,116	54,868	7.3	750
Barrie	63,877	68,495	7.2	924
Regina	80,323	85,731	6.7	1,082
Saint John	49,107	52,281	6.5	635
Halifax	155,138	165,153	6.5	2,003
Kingston	61,978	65,965	6.4	797
Abbotsford-Mission	55,948	59,317	6.0	674
Hamilton	266,377	282,186	5.9	3,162
Montréal	1,525,625	1,613,260	5.7	17,527
London	184,946	195,056	5.5	2,022
Victoria	145,388	153,328	5.5	1,588
Saguenay	66,251	69,507	4.9	651
Peterborough	46,667	48,848	4.7	436
Greater Sudbury / Grand Sudbury	65,076	67,767	4.1	538
Winnipeg	281,745	291,316	3.4	1,914
St. Catharines-Niagara	156,386	160,455	2.6	814
Thunder Bay	51,426	52,062	1.2	127
Windsor	125,848	126,843	0.8	199
Data for 2006 are based on 2011 Census Metropolitan Area boundaries. Between 2006 and 2011, CMA boundaries changed in Saguenay, Québec, Sherbrooke, Trois-Rivières, Montréal, Ottawa-Gatineau, and Guelph. Data are census-based estimates of dwellings occupied by usual residents, which were released by Statistics Canada on February 8, 2012. Source: CMHC, adapted from Statistics Canada (Census of Canada)
Last updated: April 2012
© 2012 Canada Mortgage and Housing Corporation