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TagHousing forecast

Posted Mortgage News

CMHC’s Ontario Housing conference 2014 highlights: the news is good!

CMHCA few weeks ago, I attended CMHC’s Ontario Housing Market Outlook conference.  This annual conference provides Financial experts with an insight into some of the best data available.    Now, in case you didn’t know it, CMHC probably has the largest database of information in Canada.  So when they publish stats and make forecasts, we need to listen.

This year’s speakers included Ted Tsiakopoulos, Regional Economist CMHC, Ed Heese, Senior Market Analyst CMHC, Dave McLean, President Mattamy Homes (Canada’s largest home builder) and Peter Zimmerman, Director of Development Freed Developments (highrise condo builders).   I really enjoyed hearing Ted speak.  His presentation was backed up by a wealth of stats.   Let’s see if you agree about the forecast. Continue reading “CMHC’s Ontario Housing conference 2014 highlights: the news is good!”

Posted Mortgage News

Lower housing and condo sales in the forecast

The Canadian Real Estate Association (CREA) has lowered it’s housing forecast again… they now forecast 459,600 resales in 2010..this is a 1.2% drop from 2009..

We’re also seeing signs the Condo market is starting to cool off… it’s been 16 years since condo prices have not increased.. 16 years!    We are certainly overdue for a cooling off period…

But this is just another sign our economy is not as ‘Red Hot’ as some first thought…  and it’s good news for interest rates…  The Bank of Canada is less likely to increase their rates as fast we once thought…

Give Variable rate more consideration.. Fixed rates have come down slightly… 5 year fixed rates are hovering around 4.09% to 4.19%…but Variable rates are available at 2.10%…

Posted Real Estate Trends

CMHC Chief Economist forecasts a rebound in 2010

Good news release ….CMHC’s Chief Economist, Bob Dugan, says new housing starts for 2010 will be around 172,250…. and 175,150 in 2011…. this is much higher than 2009’s 140,081….

The strong resale market is not expected to continue it’s record setting pace…. Existing home sales are forecast to total 486,700 in 2010 and taper off to 469,950 in 2011. But this is a good thing.. we really don’t want to see a red hot market as this always leads to a sharp decline…. slow and steady.. that’s always a better trend.