Numbers Signal Strength in Real Estate and Mortgage Markets
Recent reports from Statistics Canada and the Canada Mortgage and Housing Corporation (CMHC) point to some bright spots in residential construction.
Stats Can reported a 1.8% increase in building permits nationwide, with the residential sector growing 2.7% to $3.7 billion. An increase in industrial permits easily offset the slight decline in commercial and institutional permits.
CMHC reported yesterday that August housing starts also rose across the country. Compared to July of this year, housing starts increased from 186,500 to 211,000 units. Experts give credit for the increase to the fast-growing condominium market in Ontario. Housing starts in other regions of the country were down, but have still not experienced drops anywhere near those seen in the US.
Speaking of the US, house prices there experienced an increase in July - the second month in a row that prices went up. Overall the market is still down from 2007, but increases in several regions across the country are a positive sign.
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Good to see that the statistics are beginning to look friendly. Condos indeed are pulling the weight now. I just read a post that gave some of the numbers and I was amazed to see how much power is in this sector of the market. But it is logical, with all the new foreign workforce and younger people wanting to live relatively cheap, and now with the 40 year mortgage gone, more and more people are looking for a way to get their home. And it is also easier to get approved for a condo than a detached house.
Hope this keeps up.
Jill