Windsor CMA. Highlights. Date Released: Second Quarter Highlights. Windsor CMA Housing Starts. Table of Contents

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1 H o u s i n g M a r k e t I n f o r m a t i o n Housing Now Windsor CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Table of Contents Date Released: Second Quarter Highlights Highlights Windsor housing starts trending lower Lower townhouse construction First quarter 2014 existing home sales and prices down from fourth quarter New Home Market 2 Resale Market 4 Migration Important to Housing Demand 5 Maps 11 Tables Figure 1 Windsor CMA Housing Starts Thousands M M M03 Housing Starts, SAAR* Housing Starts Trend Line (6-month moving average)** Source: CMHC (Starts and Completions Survey) *SAAR 1 : Seasonally Adjusted Annual Rate. **The trend is a six-month moving average of the monthly SAAR. 1 The seasonally adjusted annual rate (SAAR) is a monthly figure for starts adjusted to remove normal season variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels. Subscribe Now! Access CMHC s Market Analysis Centre publications quickly and conveniently on the Order Desk at View, print, download or subscribe to get market information ed to you on the day it is released. CMHC s electronic suite of national standardized products is available for free. Housing market intelligence you can count on

2 New Home Market Housing starts in the Windsor Census Metropolitan Area (CMA) trended lower, at 724 units in March 2014 compared to 806 in December. The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The trend decreased due to a decline in townhouse starts and an unusually cold and long winter. A total of 83 units were started in the first quarter of 2014, up 32 per cent from the 63 units started in the first quarter of Many of the homes started in the first quarter of 2014 were purchased several months ago. The colder than normal winter kept homebuyers inside which affected the resale market more than the new home market. Higher single-detached construction and more semi-detached and apartment starts boosted total starts. Row construction remained unchanged. First quarter starts were pushed higher from a year ago by increased Figure 2 Starts construction in the City of Windsor. Forty per cent of the starts in the City of Windsor were multiple-family starts which include semi-detached, townhouse and apartments. A slight increase in new home construction also occurred in the s of LaSalle, Tecumseh and Lakeshore. Stable employment, immigration, and the relative affordability of housing in the Windsor CMA supported the demand for housing. More than 75 per cent of the housing starts in the first quarter of 2014 were single-detached homes. Land is available for ground-orientated residential construction. The average price of a new single-detached home increased slightly by 1.9 per cent in the first quarter of 2014 to $328,029 compared to the same period last year. Higher average prices for the newly completed and sold homes in all municipalities except Lakeshore pushed the average price higher. A higher percentage of homes sold in the $200s contributed to the increased absorption price. No homes sold below $200,000. Windsor CMA Housing Starts Trending Slightly Lower Source: CMHC (Starts and Completions Survey) Apartments Row Semi-detached Single Trend The labour market will support housing demand. Slight employment increases in the last year were supported by gains in the goodsproducing sectors, while jobs were shed in the services sector. In particular, increased employment in manufacturing and construction supported this job growth. The unemployment rate in the Windsor CMA was 7.3 per cent at the end of the first quarter this year compared to 9.1 per cent a year earlier. Some of the decline in the unemployment rate was due to job creation, but a lot of it was due to a shrinking labour force. Job growth was in parttime employment, while full-time employment declined. More youth and older workers were employed. However, much of the increased employment was part-time jobs. Resale Market Residential sales through the Windsor- Essex Association of Realtors on a seasonally adjusted basis were lower in the first quarter of 2014 compared to the fourth quarter of Actual first quarter sales figures decreased from the same quarter last year. Sales were down close to 20 per cent due to an unusually cold and long winter. The harsh winter weather was not conducive to homebuyers getting out to open houses. In addition, listings continued to trend down. With fewer listings there was less choice for homebuyers. Many households made their home purchases last year and fewer households were ready to buy early this year. The resale market remained balanced. While new listings were lower in the first quarter of 2014 compared to the same quarter of 2013, sales declined more than listings. Rising prices through the fourth quarter of

3 did not translate into increased listings as the harsh winter weather impacted households listing their home for sale. The sales-to-new listings ratio (SNLR) moved slightly lower in the first quarter. Seasonally adjusted resale home prices trended lower in the first quarter. However, the longer-term trend shows that prices have been increasing since the first quarter of With a balanced market and little upward price pressure, the average price of a resale home increased by 1.2 per cent to $174,399 in the first quarter of 2014 compared to the same quarter last year. Windsor has the most affordable prices for resale homes among Ontario CMAs. Close to 80 per cent of all homes sold in the first quarter of 2014 in Windsor-Essex were priced under $220,000. Figure 3 MLS Sales* Windsor Sales and Prices Decline in First Quarter 7,000 Sales Avg. Price $190 6,000 $180 $170 5,000 $160 4,000 $150 $140 3,000 $130 2,000 $ Source: CMHC, adapted from CREA (MLS ). Quarterly sales data are seasonally adjusted and multiplied by 4 to show an annual rate. Price data are adjusted for seasonal factors. MLS is a registered trademark of the Canadian Real Estate Association. Avg. MLS Price ($000) 3

4 Population growth is a driver of housing demand. Recent data from Statistics Canada showed that population growth has resumed in the Windsor Census Metropolitan Area (CMA) after several years of negative growth. However, the population remains below the level recorded at its peak in Figure 4 Although natural increase in the Windsor CMA is positive, the 4,000 driver of population growth is 3,000 migration, especially international 2,000 migration. While inter-provincial migration remains negative, intraprovincial migration has added to 1,000 0 population growth in the last two years. -1,000 Total net migration supports population growth, however, the movement of migrants, in or out of the CMA, is important to housing transactions. With more than 20,000 persons moving in or Migration Important to Housing Demand -2,000-3,000-4,000 out of the CMA each year, this translates into thousands of transactions in the resale, rental and new home markets. The accompanying chart shows the components of population growth Source: Statistics Canada Natural Increase IntraProv Population Growth International InterProv 4

5 HIGHWAY 77 HIGHWAY 3 HIGHWAY 401 Windsor CMA Number of Starts (Multiples) E. C. ROW EXPY Windsor City HURON CHURCH RD LaSalle Tecumseh Amherstburg Km Lakeshore Legend No starts 2-9 starts starts N 5

6 HIGHWAY 77 HIGHWAY 3 HIGHWAY 401 Windsor CMA Number of Starts (Singles) E. C. ROW EXPY Windsor City HURON CHURCH RD LaSalle Tecumseh Amherstburg Km Lakeshore Legend 5-11 starts starts starts N 6

7 HIGHWAY 77 HIGHWAY 3 HIGHWAY 401 Windsor CMA Total Number of Starts E. C. ROW EXPY Windsor City HURON CHURCH RD LaSalle Amherstburg Km Tecumseh Lakeshore Legend 5-16 starts starts starts N 7

8 HIGHWAY 77 HIGHWAY 3 HIGHWAY 401 Windsor CMA Number of Starts (Multiples) January - March 2014 E. C. ROW EXPY Windsor City HURON CHURCH RD LaSalle Tecumseh Amherstburg Km Lakeshore Legend No starts 2-9 starts starts N 8

9 HIGHWAY 77 HIGHWAY 3 HIGHWAY 401 Windsor CMA Number of Starts (Singles) January - March 2014 E. C. ROW EXPY Windsor City HURON CHURCH RD LaSalle Tecumseh Amherstburg Km Lakeshore Legend 5-11 starts starts starts N 9

10 HIGHWAY 77 HIGHWAY 3 HIGHWAY 401 Windsor CMA Total Number of Starts January - March 2014 E. C. ROW EXPY Windsor City HURON CHURCH RD LaSalle Amherstburg Km Tecumseh Lakeshore Legend 5-16 starts starts starts N 10

11 HOUSING NOW REPORT TABLES Available in ALL reports: 1 Housing Starts (SAAR and Trend) 1.1 Housing Activity Summary of CMA 2 Starts by Submarket and by Dwelling Type Current Month or Quarter 2.1 Starts by Submarket and by Dwelling Type Year-to-Date 3 Completions by Submarket and by Dwelling Type Current Month or Quarter 3.1 Completions by Submarket and by Dwelling Type Year-to-Date 4 Absorbed Single-Detached Units by Price Range 5 MLS Residential Activity 6 Economic Indicators Available in SELECTED Reports: 1.3 History of Housing Activity (once a year) 2.2 Starts by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 2.3 Starts by Submarket, by Dwelling Type and by Intended Market Year-to-Date 2.4 Starts by Submarket and by Intended Market Current Month or Quarter 2.5 Starts by Submarket and by Intended Market Year-to-Date 3.2 Completions by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 3.3 Completions by Submarket, by Dwelling Type and by Intended Market Year-to-Date 3.4 Completions by Submarket and by Intended Market Current Month or Quarter 3.5 Completions by Submarket and by Intended Market Year-to-Date 4.1 Average Price ($) of Absorbed Single-Detached Units SYMBOLS n/a Not applicable * Totals may not add up due to co-operatives and unknown market types ** Percent change > 200% - Nil -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation 11

12 Table 1: Housing Starts (SAAR and Trend) Windsor CMA 1 Annual Monthly SAAR Trend Jan Feb Mar Jan Feb Mar Single-Detached Multiples Total Quarterly SAAR Actual 2013 Q Q Q Q1 % change 2013 Q Q1 % change Single-Detached % % Multiples % % Total % % Source: CMHC 1 Census Metropolitan Area 2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) Detailed data available upon request 12

13 Table 1.1: Housing Activity Summary of Windsor CMA Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Q Q % Change n/a n/a 0.0 n/a n/a n/a 31.7 Year-to-date Year-to-date % Change n/a n/a 0.0 n/a n/a n/a 31.7 UNDER CONSTRUCTION Q Q % Change n/a 0.0 n/a n/a ** 33.9 COMPLETIONS Q Q % Change n/a n/a n/a Year-to-date Year-to-date % Change n/a n/a n/a COMPLETED & NOT ABSORBED Q n/a n/a 201 Q n/a n/a 333 % Change n/a n/a n/a ABSORBED Q n/a n/a 117 Q n/a n/a 172 % Change ** 50.0 n/a n/a n/a n/a Year-to-date n/a n/a 117 Year-to-date n/a n/a 172 % Change ** 50.0 n/a n/a n/a n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 13

14 Table 1.2: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Windsor City Q Q LaSalle Q Q Lakeshore Q Q Amherstburg Q Q Tecumseh Q Q Windsor CMA Q Q UNDER CONSTRUCTION Windsor City Q Q LaSalle Q Q Lakeshore Q Q Amherstburg Q Q Tecumseh Q Q Windsor CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 14

15 Table 1.2: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row COMPLETIONS Windsor City Q Q LaSalle Q Q Lakeshore Q Q Amherstburg Q Q Tecumseh Q Q Windsor CMA Q Q COMPLETED & NOT ABSORBED Windsor City Q n/a n/a 70 Q n/a n/a 108 LaSalle Q n/a n/a 55 Q n/a n/a 96 Lakeshore Q n/a n/a 47 Q n/a n/a 95 Amherstburg Q n/a n/a 21 Q n/a n/a 31 Tecumseh Q n/a n/a 8 Q n/a n/a 3 Windsor CMA Q n/a n/a 201 Q n/a n/a 333 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 15

16 Table 1.2: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row ABSORBED Windsor City Q n/a n/a 53 Q n/a n/a 73 LaSalle Q n/a n/a 23 Q n/a n/a 31 Lakeshore Q n/a n/a 27 Q n/a n/a 52 Amherstburg Q n/a n/a 12 Q n/a n/a 13 Tecumseh Q n/a n/a 2 Q n/a n/a 3 Windsor CMA Q n/a n/a 117 Q n/a n/a 172 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 16

17 Table 1.3: History of Housing Starts of Windsor CMA Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row % Change n/a % Change n/a % Change n/a 47.6 n/a ** % Change n/a 50.0 n/a n/a ** % Change n/a n/a % Change n/a % Change n/a n/a ** ,045 % Change n/a n/a , ,496 % Change n/a , ,287 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 17

18 Table 2: Starts by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Windsor City LaSalle Lakeshore Amherstburg Tecumseh n/a Windsor CMA Submarket Table 2.1: Starts by Submarket and by Dwelling Type January - March Single Semi Row Apt. & Other Total % Change Windsor City LaSalle Lakeshore Amherstburg Tecumseh n/a Windsor CMA Source: CMHC (Starts and Completions Survey) 18

19 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by Intended Market Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Q Q Q Q Q Q Q Q Windsor City LaSalle Lakeshore Amherstburg Tecumseh Windsor CMA Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - March 2014 Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Windsor City LaSalle Lakeshore Amherstburg Tecumseh Windsor CMA Source: CMHC (Starts and Completions Survey) 19

20 Submarket Table 2.4: Starts by Submarket and by Intended Market Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Windsor City LaSalle Lakeshore Amherstburg Tecumseh Windsor CMA Submarket Table 2.5: Starts by Submarket and by Intended Market January - March 2014 Freehold Condominium Rental Total* Windsor City LaSalle Lakeshore Amherstburg Tecumseh Windsor CMA Source: CMHC (Starts and Completions Survey) 20

21 Table 3: Completions by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Windsor City LaSalle Lakeshore Amherstburg Tecumseh n/a Windsor CMA Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - March Single Semi Row Apt. & Other Total % Change Windsor City LaSalle Lakeshore Amherstburg Tecumseh n/a Windsor CMA Source: CMHC (Starts and Completions Survey) 21

22 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Q Q Q Q Q Q Q Q Windsor City LaSalle Lakeshore Amherstburg Tecumseh Windsor CMA Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - March 2014 Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Windsor City LaSalle Lakeshore Amherstburg Tecumseh Windsor CMA Source: CMHC (Starts and Completions Survey) 22

23 Submarket Table 3.4: Completions by Submarket and by Intended Market Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Windsor City LaSalle Lakeshore Amherstburg Tecumseh Windsor CMA Submarket Table 3.5: Completions by Submarket and by Intended Market January - March 2014 Freehold Condominium Rental Total* Windsor City LaSalle Lakeshore Amherstburg Tecumseh Windsor CMA Source: CMHC (Starts and Completions Survey) 23

24 Submarket Table 4: Absorbed Single-Detached Units by Price Range Price Ranges < $250,000 Units Share (%) $250,000 - $299,999 Share Units (%) $300,000 - $349,999 Share Units (%) $350,000 - $449,999 Share Units (%) $450,000 + Median Average Total Price ($) Price ($) Share Units (%) Windsor City Q , ,570 Q , ,066 Year-to-date , ,570 Year-to-date , ,066 LaSalle Q , ,050 Q , ,124 Year-to-date , ,050 Year-to-date , ,124 Lakeshore Q , ,783 Q , ,347 Year-to-date , ,783 Year-to-date , ,347 Amherstburg Q Q , ,270 Year-to-date Year-to-date , ,270 Tecumseh Q Q Year-to-date Year-to-date Windsor CMA Q , ,029 Q , ,070 Year-to-date , ,029 Year-to-date , ,070 Source: CMHC (Market Absorption Survey) 24

25 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket Q Q % Change % Change Windsor City 302, , , , LaSalle 380, , , , Lakeshore 321, , , , Amherstburg ,270 n/a ,270 n/a Tecumseh n/a n/a Windsor CMA 328, , , , Source: CMHC (Market Absorption Survey) 25

26 Table 5: MLS Residential Activity for Windsor Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 New Listings SA 1 Sales-to- New Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA 2013 January , ,006 February , ,016 March , ,218 April , ,157 May , , ,106 June , ,821 July , ,943 August , ,428 September , ,664 October , ,792 November , ,843 December , , January , ,170 February , ,753 March , ,128 April May June July August September October November December Q , , , Q , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CMHC, adapted from MLS data supplied by CREA 26

27 Table 6: Economic Indicators Interest Rates Windsor Labour Market NHPI, Total, CPI, 2002 Mortgage Rates Windsor P & I =100 Average (%) CMA Employment Unemployment Participation Per (Ontario) Weekly 1 Yr. 5 Yr. 2007=100 SA (,000) Rate (%) SA Rate (%) SA $100,000 Earnings ($) Term Term 2013 January February March April May June July August September October November December January February March April May June July August September October November December "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CMHC, adapted from Statistics Canada (CANSIM), Statistics Canada (CANSIM) 27

28 Methodology Starts & Completions Survey Methodology The Starts and Completions Survey is conducted by way of site visits which are used to confirm that new units have reached set stages in the construction process. Since most municipalities in the country issue building permits, these are used as an indication of where construction is likely to take place. In areas where there are no permits, reliance has to be placed either on local sources or searching procedures. The Starts and Completions Survey is carried out monthly in urban areas with population in excess of 50,000, as defined by the 2011 Census. In urban areas with populations of 10,000 to 49,999, all Starts are enumerated in the last month of the quarter (i.e. four times a year, in March, June, September and December). In these centres with quarterly enumeration, Completion activity is modeled based on historical patterns. Monthly Starts and Completions activity in these quarterly locations are statistically estimated at a provincial level for single and multi categories. Centres with populations below 10,000 are enumerated on a sample basis, also in the last month of each quarter (i.e. four times a year, in March, June, September and December). The Starts and Completions Survey enumerates dwelling units in new structures only, designed for non-transient and year-round occupancy. Mobile homes are included in the surveys. A mobile home is a type of manufactured house that is completely assembled in a factory and then moved to a foundation before it is occupied. Trailers or any other movable dwelling (the larger often referred to as a mobile home) with no permanent foundation are excluded from the survey. Conversions and/or alterations within an existing structure are excluded from the surveys as are seasonal dwellings, such as: summer cottages, hunting and ski cabins, trailers and boat houses; and hostel accommodations, such as: hospitals, nursing homes, penal institutions, convents, monasteries, military and industrial camps, and collective types of accommodation such as: hotels, clubs, and lodging homes. Market Absorption Survey Methodology The Market Absorption Survey is carried out in conjunction with the Starts and Completions Survey in urban areas with populations in excess of 50,000. When a structure is recorded as completed, an update is also made as units are sold or rented. The dwellings are then enumerated each month until such time as full absorption occurs. STARTS AND COMPLETIONS SURVEY AND MARKET ABSORPTION SURVEY DEFINITIONS A dwelling unit, for purposes of the Starts and Completions Survey, is defined as a structurally separate set of self-contained living premises with a private entrance from outside the building or from a common hall, lobby, or stairway inside the building. Such an entrance must be one that can be used without passing through another separate dwelling unit. A start, for purposes of the Starts and Completions Survey, is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage where a basement will not be part of the structure. The number of units under construction as at the end of the period shown, takes into account certain adjustments which are necessary for various reasons. For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start. A completion, for purposes of the Starts and Completions Survey, is defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10 per cent of the proposed work remains to be done. The term absorbed means that a housing unit is no longer on the market (i.e. has been sold or rented). This usually happens when a binding contract is secured by a non-refundable deposit and has been signed by a qualified purchaser. The purpose of the Market Absorption Survey is to measure the rate at which units are sold or rented after they are completed, as well as collect prices. 28

29 DWELLING TYPES: A Single-Detached dwelling (also referred to as Single ) is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. Includes link homes, where two units may share a common basement wall but are separated above grade. Also includes cluster-single developments. A Semi-Detached (Double) dwelling (also referred to as Semi ) is one of two dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending from ground to roof. A Row (house) dwelling is a one family dwelling unit in a row of three or more attached dwellings separated by a common or party wall extending from ground to roof. The term Apartment and other includes all dwellings other than those described above, including structures commonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes. Intended market: The intended market is the tenure in which the unit is being marketed. This includes the following categories: Freehold: A residence where the owner owns the dwelling and lot outright. Condominium (including Strata-Titled): An individual dwelling which is privately owned, but where the building and/or the land are collectively owned by all dwelling unit owners. A condominium is a form of ownership rather than a type of house. Rental: Dwelling constructed for rental purposes regardless of who finances the structure. Geographical terms: A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent municipalities must have a high degree on integration with the central urban area, as measured by commuting flows derived from census place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions. A Rural area, for the purposes of this publication, is a centre with a population less than 10,000. All data presented in this publication is based on Statistics Canada s 2006 Census area definitions. 29

30 CMHC Home to Canadians (CMHC) has been Canada's national housing agency for more than 65 years. Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at or follow us on Twitter, YouTube and Flickr. You can also reach us by phone at or by fax at Outside Canada call or fax to supports the Government of Canada policy on access to information for people with disabilities. If you wish to obtain this publication in alternative formats, call The Market Analysis Centre s (MAC) electronic suite of national standardized products is available for free on CMHC s website. You can view, print, download or subscribe to future editions and get market information ed automatically to you the same day it is released. It s quick and convenient! Go to For more information on MAC and the wealth of housing market information available to you, visit us today at To subscribe to priced, printed editions of MAC publications, call All rights reserved. CMHC grants reasonable rights of use of this publication s content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions, and forecasts including the citation of limited amounts of supporting data extracted from this publication. Reasonable and limited rights of use are also permitted in commercial publications subject to the above criteria, and CMHC s right to request that such use be discontinued for any reason. Any use of the publication s content must include the source of the information, including statistical data, acknowledged as follows: Source: CMHC (or Adapted from CMHC, if appropriate), name of product, year and date of publication issue. Other than as outlined above, the content of the publication cannot be reproduced or transmitted to any person or, if acquired by an organization, to users outside the organization. Placing the publication, in whole or part, on a website accessible to the public or on any website accessible to persons not directly employed by the organization is not permitted. To use the content of any CMHC Market Analysis publication for any purpose other than the general reference purposes set out above or to request permission to reproduce large portions of, or entire CMHC Market Analysis publications, please contact: the Canadian Housing Information Centre (CHIC) at chic@cmhc.ca; or For permission, please provide CHIC with the following information: Publication s name, year and date of issue. Without limiting the generality of the foregoing, no portion of the content may be translated from English or French into any other language without the prior written permission of. The information, analyses and opinions contained in this publication are based on various sources believed to be reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which or any of its employees shall incur responsibility. 30

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