CMHC Housing Report Nov 08

OTTAWA, November 13, 2008 — New analysis that tracked how long Canadians living in core housing need* remained in this situation over a three-year period is unveiled in the 2008 Canadian Housing Observer, released today by Canada Mortgage and Housing Corporation (CMHC).

Some highlites include;

• Strong employment and income growth continued to bolster homeownership demand in Canada.The rate of homeownership in Canada rose to 68.4 per cent in 2006, the largest increase between censuses dating back to 1971.
• In 2007, housing-related spending contributed close to $300 billion to the Canadian economy.
• Mortgage arrears in Canada remain low. In 2007, slightly more than a quarter of one per cent of Canadian households (0.26 per cent) fell three or more months behind in their mortgage payments.
• The composition of Canadian households continues to change as baby boomers age. For decades, couples with children have made up a declining percentage of all households, and the average size of households has shrunk.

Complementing the 2008 print edition of the Observer is a detailed array of online housing market and housing conditions data resources at www.cmhc.ca/observer. This includes CMHC’s Housing in Canada Online (HiCO), a powerful and free interactive tool that provides access to data on national, regional, local and off-reserve housing conditions, including core housing need.

David Pylyp I find it incredible that the Dream of HomeOwnership in Canada is at a high 68%! This is 15 if not almost 20 % higher than the United States with all their mortgage interest deductibility programs.

If you would like to buy or sell a home or condo in west Toronto feel free to contact me.