The Canadian Mortgage Housing Association has recently released its first quarter report for this year.
Locally, the housing market has been fairly slow. CMHC states ‘”Measures recently announced for government-backed mortgage insurance will moderate housing starts activity. Some potential buyers will have to save a larger minimum down payment in order to qualify for mortgage insurance and thus postpone their purchase. Alternatively, some potential buyers may buy smaller, less expensive homes. The new measures, however, are only a few of the many factors that will affect the new housing market”
It is mentionable that this report comments that BC and Alberta are fore-casted to see much more new home starts than the Eastern provinces. One of the factors is the increasing migration trend. The image below is from the CMHC, the numbers speak for themselves. For the full CMHC report click here.