The cost of housing related spending is up – CMHC

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Canadian MoneyOTTAWA – The cost of housing related spending is up. The 7.1 percent increasing in 2010 has been marked by the Canada Mortage and Housing Corportation.  Housing-related spending accounts for more than 20 per cent of Canada’s Gross Domestic Product, contributing about $330 billion to the Canadian economy. This represents an increase from $308 billion in 2009. This and other key findings are in the ninth annual Canadian Housing Observer, released today by Canada Mortgage and Housing Corporation (CMHC).

“The Observer is unique in its in-depth review of housing conditions and trends, including developments – both domestic and international – that influence housing finance and housing market developments in Canada,” said Karen Kinsley, President of CMHC. “The Observer’s data provides insight into Canadian residential mortgage practices and housing market trends, while highlighting the importance of housing in this country.”

The 2011 Observer looks at other important housing data including:

  • The anticipated growth in the influence of seniors on the housing market in the future as their share of the population rises from about 14 per cent to almost 24 per cent by 2036;
  • How urban core housing need improved between 2002 and 2008 as 87 per cent of urban Canadian households either had, or could afford, acceptable housing in 2008;
  • How low interest rates, coupled with a small inventory of existing homes for sale, helped push the average MLS price up by 5.8 per cent in 2010 to $339,042; and
  • How condominiums accounted for one-third of all housing starts in major Canadian urban centres in 2010, compared with 29 per cent in 2009.

Online, users can access a broad range of statistical information on housing conditions from national, regional and local perspectives. New this year is the launch of additional online interactive tables featuring housing data at the local level for more than 100 selected municipalities. The online publication and data are available at www.cmhc.ca/observer.

Selected Housing Indicators, Canadian Municipalities, 2006

% of

house-

holds who
own

their

homes

% of

home-
owners

without

mort-

gages

% of

home-

owners

under

35

Condo-

minium

share

of

home

owner-

ship

market

(%)

% of

housing

stock
built in

1960 or

earlier

% of

hous-
ing

stock

built

after

1980

% of house-

holds

in core

housing

need

Canada 68 42 12 11 27 39 12,7
Municipalities
St. John’s 64 39 12 5 29 35 16.4
Charlottetown 53 45 9 1 30 34 16.6
Halifax 64 37 12 7 25 43 13.6
Cape Breton 75 55 7 0 46 25 16.2
Fredericton 61 45 12 3 29 34 13.9
Moncton 59 38 16 3 32 38 13.3
Saint John 56 45 10 5 46 19 12.5
Québec 52 41 11 15 28 36 10.8
Trois-Rivières 56 44 9 4 29 37 12.9
Sherbrooke 49 38 13 5 25 40 10.2
Saguenay 62 40 11 2 31 32 8.3
Longueuil 53 38 10 13 21 32 12.9
Montréal 34 43 10 24 46 21 17.6
Laval 69 37 11 10 17 43 8.8
Gatineau 64 32 15 8 18 47 10.8
Ottawa 66 40 12 17 22 42 12.9
Kingston 62 44 9 8 29 38 13.9
Oshawa 70 36 12 7 30 30 14.6
Toronto 54 46 10 26 39 25 23.7
Hamilton 68 43 10 11 41 29 15.0
London 62 39 13 16 29 35 13.8
Sudbury 67 44 11 1 36 26 10.0
Kitchener 64 36 16 10 25 39 12.1
Windsor 67 41 15 8 45 26 15.7
St. Catharines 69 47 10 10 38 23 13.4
Thunder Bay 71 47 10 4 45 22 11.5
Winnipeg 65 41 14 8 40 24 10.9
Regina 68 43 16 10 28 28 9.9
Saskatoon 64 40 16 15 24 36 10.0
Calgary 73 33 18 19 14 50 9.4
Edmonton 63 40 17 20 21 39 12.3
Vancouver 48 47 12 37 32 41 20.6
Victoria 40 42 12 45 38 25 20.0
Kelowna 72 44 10 27 10 55 12.1
Whitehorse 67 32 14 7 14 44 15.2
Yellowknife 54 22 20 18 6 60 9.5
Iqaluit 23 23 24 7 2 70 25.2
Source: CMHC, adapted from Statistics Canada (Census of Canada) and CMHC (census-based housing indicators and data)