|
Atlantic Canada housing starts up in 2010 |
E-mail |
|
September 1, 2010
Atlantic Canada's housing starts for 2010 are predicted to be up from last year. Moncton, New Brunswick, will see 1,080 housing starts by the end of 2010 compared to 973 starts in 2009, according to the Canada Mortgage and Housing Corp.'s third-quarter 2010 Housing Market Outlook release.
Meanwhile in Saint John, builders expect to have put up 670 home units in 2010, a small increase versus the 659 from last year. But sales of existing homes are likely to drop by end of 2010 in New Brunswick to 6,750 from 7,000 in 2009.
Across Atlantic Canada, which includes New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland, housing activity is supposed to rise by nearly seven per cent in 2010 compared to the year before. Single-housing starts are forecasted to increase by nine per cent in 2010, as the economy continues to recover. Low vacancy rates and an aging population also suggests multiple starts should rise to five per cent by the end of the year.
mortgagebrokernews.ca
|
|
|
Housing Starts to Show Positive Growth in 2010 |
E-mail |
|
August 31, 2010
According to Canada Mortgage and Housing Corporation's (CMHC's) latest outlook, the level of housing activity is forecast to rise close to seven per cent in 2010 compared to what occurred in 2009, with the economy showing moderate growth overall.
The economic and housing data has certainly been supportive to achieving positive growth so far in 2010. Along with historically low interest rates, stable income levels and moderate employment growth, the economy of Atlantic Canada has performed better than forecast during the first half of 2010. "Compared to the early part of the year, the pace of growth for both the economy and housing is expected to slow over the second half of 2010," said Alex MacDonald, regional economist, with CMHC's Atlantic Business Centre.
Overall, single housing starts will show growth of close to nine per cent in 2010 as the economy in Atlantic Canada continues to build momentum. Low vacancy rates and demographic trends related to an aging population will continue to contribute to positive growth for multiple starts, which are expected to rise close to five per cent in 2010.
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 vital decisions.
The Housing Market Outlook, Atlantic Region Highlights report is available on the CMHC Web site: http://www.cmhc-schl.gc.ca
CMHC
|
|
Average Mortgage Grows 36% In 48 Months |
E-mail |
|
August 31, 2010
Over the last four years the average Canadian mortgage has increased in size by 36%, according to data from Ipsos Reid’s Canadian Financial Monitor.
There’s also been a slight shift towards variable rates.
|
2006 |
2010 |
| % of Households with a mortgage |
34% |
34% |
| Avg. Mortgage Balance |
$105,000 |
$143,000 |
| % with fixed rates |
71% |
68% |
| % with variable rates |
29% |
32% |
Going forward, people will be watching to see if rising rates and/or falling home prices reverse the trend. If so, average mortgage balances could drop for a while.
Conversely, there is always a possibility that down payments will shrink and/or people will take out more equity from their homes. Either of these things would counterbalance the above and support mortgage balances to some extent.
It’s difficult to speculate, though, since historical data on average balances, down payment size and equity take-outs is hard to come by.
|
|
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>
|
|
Page 1 of 36 |
News
