CMHC decides to share more info

The Canadian Mortgage and Housing Corporation (CMHC) is the crown corporation that backs the majority of Canadian mortgage products.  They have recently decide to magnanimously share more info about the Canadian mortgage market:

The changes in the CMHC’s disclosure come after some economists had demanded CMHC share more of its information about the market. Among them was CIBC deputy chief economist Benjamin Tal who published a report suggesting that the lack of market information makes its harder to get an accurate picture of the stability of the market.

Read the full article in the Financial Post.

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Currently it looks like BlogEngine is the top blogging platform available right
now. (from what I’ve read) Is that what you are using on your blog?

Enigma
Enigma
6 years ago

@LS in Arbutus: “… I thought even a year ago [O’Leary] was pumping real estate” Not really. In May 2013 to the Edmonton Journal, O’Leary said: “I think Canadian real estate is not going to go anywhere for a decade. It’s not going to collapse but if you bought a condo across the street it won’t be worth anything more than it is today 10 years from now. In fact I wouldn’t buy it, I’d rent it. We’ve probably to a certain extent overbuilt in cities like Edmonton, Calgary, Toronto and Vancouver. There’s too many shoebox condos and not enough people to buy those things. They’re pure commodities. I’m not saying we’ll have a massive correction. I’m just saying it’s a really bad investment.’ Hardly a pumping message. He’d been saying similar things a few years ago, too, to varying… Read more »

gzzzzzz
gzzzzzz
6 years ago

@space889 >“In doing so we will propel ourselves forward to become a truly internationalized commercial centre such as Singapore, New York, Shanghai and London,” she said. singapore is an interesting example. it was part of malaysia kingdoms and eventually became an ethnic chinese colony. they have an interesting set of racial policies. for example: >Singapore maintains a quota system of ethnicities through the Ethnic Integration Policy.[6] By ensuring that each block of units are sold to families from ethnicities roughly comparable to the national average, it seeks to avoid physical racial segregation and formation of ethnic enclaves common in other multi-racial societies. this policy also has the interesting “side effect” of ensuring that chinese are a majority in voting districts. you’ll also see that through it’s immigration policy singapore seeks to maintain it’s over 70% chinese majority. with huge differences… Read more »

LS in Arbutus
LS in Arbutus
6 years ago

Lang and O’Leary last night talking about Toronto’s average SFH detached price almost reaching $1 million and whether it can continue to go higher, O’Leary says, “You know I look every week at the ultimate RE commodity, shoebox 550 sq foot condos, no parking, all over Canada. The classic condo. That should have corrected years ago and it hasn’t. I am in awe and I am very cautious, I would not buy a home today, I would rent.” (Compliments of PVR.)

I thought even a year ago he was pumping real estate.. but anyhow… he’s a bear now.

space889
space889
6 years ago

@62 – You missed the bigger story on that site – Chinese is starting to buy up more than natural resource or RE in BC.

http://www.biv.com/article/20140602/BIV0113/306039994/-1/BIV/chinese-investors-diversify-their-bc-holdings

The Chinese is coming, the Chinese is coming!!! The horror….the horror…..

The injustice of it all!

Let the China bashing starts….BPOM and George and etc….

Joe Mainlander
Joe Mainlander
6 years ago

@60 Your comment should read;

“Sales are heating up again with cheap money. You will all see the sales numbers grow throughout the summer, to higher than historical. Canadian government is quietly pumping RE, they have at least one more turn this year to hold up the house built on hockey stick foundation.”

Many Franks
6 years ago

What do you get when you combine high-quality investigative journalism with cutting-edge statistical modeling?

Do the math: Vancouver house prices will reach $7 million

Lemuel
Lemuel
6 years ago

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Conrad
Conrad
6 years ago

Sales are heating up again with foreign money, you will all see the sales numbers grow throughout the summer, to higher than historical. Chinese government is quietly pumping GDP, they have at least one more turn this year to hold up the house built on chop stick foundation.

Aggregator
Aggregator
6 years ago

Wow there’s been a lot of sales lately. No idea for the reasons behind this. As of May 2014, Chinese companies will find it easier to invest in countries abroad, especially in the US. This is thanks to the latest Outbound Investment Project Approval & Filing Regulation approved by China’s National Development and Reform Commission (NDRC). This means Chinese projects abroad with investments less than $1 billion in non-restricted sectors no longer need NDRC approvals, and only have to register with the NDRC, who then issues a filing acceptance in 7 business days.1 However, large and massive land development projects fall under a restricted category, as do deals above $1 billion – requiring them to still obtain approval from the NDRC. Overseas projects worth over $2 billion need approvals from China’s State Council, along with a recommendation from the NDRC.… Read more »

Yunak
Yunak
6 years ago

@50

INFOGRAPHIC: CHINESE POPULATION GROWTH SURGES IN NORTH AMERICA.

Disaster in development… How dumb politicians couldn’t realise what the fucked-up society they are creating for the sake of a short term profit. Long term consequences will be devastating. Ask Europeans, they have some experience…

pete
pete
6 years ago

Wow there’s been a lot of sales lately. No idea for the reasons behind this.

West Coast Woman
West Coast Woman
6 years ago

The presence of foreign or HAM ownership in Vancouver could be reduced significantly if the federal government would enforce the Income Tax Act – especially when residential property is treated as “inventory” (holding empty and selling when the price increases) rather than as a capital asset (to live in or rent out).

I’ve noticed that a significant number of these purchasers are actually “flippers” and are sheltering their gains under the “principal residence exemption” as they’ve learned that this is the way to make tax free income in Canada.

Son of Ponzi
Son of Ponzi
6 years ago

Gotta love the price reductions
Last 3 working days: 181, 117, 124
The sellers are panicking.
Sell now, or be left holding a rapidly depreciating crack shack.

anonymous
anonymous
6 years ago

As for foreign owners … this isn’t that difficult to figure out. Our government denies HAM. They are like an ostrich that puts its head in the ground!

Residential homes should be owned by Canadian residents. That is people that live here and work here. That’s it. And those people should need a Canadian passport and a SIN number to own them! No corporations or trusts should own residential properties here. This would eliminate a lot of the foreign buyers but our government doesn’t want to do this!!!

paulb
6 years ago

New Listings 249
Price Changes 124
Sold Listings 173
TI:17075

http://www.paulboenisch.com

Burnabonian
Burnabonian
6 years ago

@33 lololololz You have forgotten to include quite a few of the costs.

You have insurance, maintenance/renovation, depreciation (yes, your building is depreciating), and legal and transaction fees. Also the inevitable special assessments/leaky condo charges that come from BC’s flawed building code and shady, fly-by-night constructors.

You also forgot to mention market risk.

So the narrative is that you’re making a poor (or negative, depending on how many of the costs you include) return at tremendous risk.

Thank you for the investment seminar and I strongly encourage you to buy as many condos as you possibly can!

Best place on meth
Best place on meth
6 years ago

#39

“More than 30 million people in China live underground in caves”

“A basic one-bedroom cave without plumbing rents for about $30 a month. A cave with three bedrooms and a bathroom might sell for $46,000, the Times reported.”

Great, now they’ve started a cave bubble.

gzzzzzz
gzzzzzz
6 years ago

INFOGRAPHIC: CHINESE POPULATION GROWTH SURGES IN NORTH AMERICA.

http://www.shenglidigital.com/advertising/infographic-chinese-demographics-north-america/

Aggregator
Aggregator
6 years ago

#26 CMHC doesn't issue anything. They only administer payments on behalf of lenders (MBS issuers) and the Government of Canada (CMB program). And there are plenty of uninsured MBSs for sale: Total issuance last year was $146.9B, of that only $85B could be backed by guarantees. Chart The term 'guarantee', or described as "surely" payments by CMHC doesn't mean anything. This is a contractual term with no judicial process behind it like CMBs or covered bonds. #27 The only way to level the playing field is to tax foreign ownership. Nope. That won't do anything. #31 said it best: "The key to affordability in Vancouver is largely beyond Vancouver’s control." Correct. Because the only thing that will fix affordability is what profligate governments and central banks are trying to avoid at all costs: a great recession to allow the free… Read more »

T
T
6 years ago

Not sure if this has been discussed here yet, but maybe it should. Vancouver just introduced a new tax on packaging. Every package will now have another hidden tax to cover the “costs” of recycling and disposing of every single piece of packaging. Last I understood property taxes, we already pay for waste and recyclying fees. The city is going to secrety charge every consumer more rather than increase property taxes or give more incentives to recycle. They are also overstepping their jurisdiction by making residents of the suburbs paying for this fee even when those cities did not sign up for or will not benefit from this program. We can be sure that these costs are going to be passed on to the consumer within a couple months time. It will be too late to make a fuss when… Read more »

Janitor Yellen
Janitor Yellen
6 years ago

@lololololololz, Good that you’ve been taking equity out. Some people don’t have a creditor resistant strategy in place and must get their share of bleeding the system dry by more direct means. If your segregated trust and domestic relationship is as ironclad as you think, hats off to you. Though, it is interesting that you have a relationship that apparently depends on how new the house is. I guess the wife was getting cold feet. LOL! Depending how much you have to spare and how insulated your real capital is, it may or may not be a good investment to start getting regular sex from your wife again. Once in awhile on this board we catch a glimpse of the actual factors of desperation that are driving the housing market. Thanks for sharing! BTW, one more question. How were your… Read more »

@patriotz
@patriotz
6 years ago

because “every rich person” has to come to vancouver before our housing market is going to feel an impact?

for fuck’s sake.

@patriotz
@patriotz
6 years ago

because vancouver and canada are equivalent to a small caribean nation?

because canada isn’t the cheapest place to buy a citizenship therefore, no one wants to buy a citizen ship for canada?

because tens of thousands or people weren’t waiting in a queue to buy citizenships for canada?