CanEquity News Staff on February 21st, 2012
A recent report from the Canada Mortgage and Housing Corporation reveals the nation's growing housing market is due for a stabilization of prices, sales and new construction over the course of the next two years.
The housing agency, which covers all of Canada, released its first quarter report for 2012 and projected long and short term industry expectations for individual cities and provinces including Toronto and Vancouver.
"With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011," said Mathieu Laberge, deputy economist of the CMHC.
CMHC remains active in the nation's housing industry, as it recently curbed mortgage insurance offerings to banks. Canadian mortgage rates continue to fluctuate and the federal housing agency is issuing a notice to banks and other mortgage lenders that it is closing in on the limit of insurance it can offer them, according to a recent report from CBC News.