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According to the latest “Housing Now” report for September, published by CMHC, total housing starts in the Edmonton Census Metropolitan Area (CMA) amounted to 690 units in August, up from 558 units in August 2009.
This represents the 14th consecutive month of year-over-year gains in new home construction. Year-to-date August, there have been a total of 7,018 housing starts in the Edmonton CMA, up from 2,921 units at this time last year.
There were 519 single-detached units started in August, an increase of 38 per cent from the 375 units started a year earlier. The higher number of housing starts this year has lifted supply levels back to the level experienced in 2008.
Single-detached completions reached 592 units in August, more than twofold the 258 units completed this time last year. Absorptions increased by 51 per cent year-over-year in August to 539 units, falling short of completions by 53 units. This resulted in an uptick in the month end inventory of unabsorbed singles, including show homes, to 436 units.
While 13 per cent below August 2009 levels, the inventory is now at the highest level since last November but is still considered low by historic standards.
Multi-family housing starts, which consist of semi-detached units, rows, and apartments, totaled 171 units in August, down almost seven per cent from the 183 units started in
August 2009. An absence of apartment condominium starts contributed to the lower activity in August. Multiple units under construction stood at 4,869 in August, down by just over three per cent from this time last year. Through two-thirds of this year, multi-family starts across the region have amounted to 2,700 units, up 134 per cent from the 1,156 units started in the corresponding period last year.
Multiple unit completions totaled 361 units in August compared with 1,346 units during the same month last year. Absorptions also dropped substantially year-over-year to 358 units. With absorptions coming close to completions, inventory levels were largely unchanged on a month-over-month basis. Compared with this time last year, inventories were up by 4.3 per cent to 1,019 units. At 605 units, condominium apartments represent the largest component of the completed and unabsorbed multiple units across the region. These numbers have remained largely unchanged since the beginning of 2010.
More Information:
http://www.cmhc-schl.gc.ca/
CAAMP Stats – October issue
Below are the statistical tables from the October 2010 Issue of CAAMP Stats.
To find out more about the Canadian Association of Accredited Mortgage Professionals (CAAMP), please visit their website at www.caamp.org
Bank of Canada Interest Rate
| July 20, 2010 | 0.75 % |
| September 8, 2010 | 1.00 % |
| October 19, 2010 | Next meeting date |
Source: Bank of Canada
Bank Prime Lending Rate
| July 21, 2010 | 2.75 % |
| September 9, 2010 | 3.00 % |
| October 20, 2010 | Next meeting date |
Source: Bank of Canada
Conventional Mortgage – 5 Year Rate*
| August 23, 2010 | 5.49 % |
| August 30, 2010 | 5.39 % |
| September 15, 2010 | 5.39 % |
Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate
US Federal Reserve Board Discount Rate
| August 10, 2010 | 0.00 % – 0.25 % |
| September 21, 2010 | 0.00 % – 0.25 % |
| November 3, 2010 | Next Meeting date |
Exchange Rate $CDN($US)
| September 1, 2010 | 0.9506 |
| September 17, 2010 | 0.9696 |
| October 4, 2010 | 0.9785 |
Source: Bank of Canada
Government of Canada Bonds
| Bond Type | August 25, 2010 | September 15, 2010 | September 29, 2010 |
| 1 year Treasury Bill | 0.98% | 1.30% | 1.27% |
| 3 year Benchmark Bond Yield |
1.53% | 1.72% | 1.58% |
| 5 year Benchmark Bond Yield |
2.08% | 2.25% | 2.01% |
| 10 year Benchmark Bond Yield |
2.83% | 2.90% | 2.74% |
Source: Bank of Canada
Total New Housing Starts (Seasonally adjusted and annualized)
| Province | June 2010 |
June 2009 |
July 2010 |
July 2009 |
August 2010 |
August 2009 |
| Newfoundland/Labrador | 4,500 | 2,900 | 3,300 | 2,900 | 1,800 | 2,400 |
| PEI | 1,000 | 1,000 | 800 | 600 | 800 | 1,000 |
| Nova Scotia | 3,200 | 2,700 | 5,800 | 3,300 | 2,200 | 4,200 |
| New Brunswick | 4,700 | 3,300 | 6,100 | 3,800 | 4,000 | 3,700 |
| Quebec | 54,500 | 37,900 | 52,900 | 46,200 | 38,200 | 47,300 |
| Ontario | 56,100 | 45,800 | 53,200 | 39,100 | 59,400 | 44,200 |
| Manitoba | 8,100 | 5,000 | 9,700 | 4,000 | 4,000 | 5,000 |
| Saskatchewan | 6,200 | 5,100 | 5,300 | 3,600 | 6,100 | 5,100 |
| Alberta | 27,000 | 20,000 | 29,200 | 17,600 | 20,900 | 18,400 |
| British Columbia | 27,000 | 14,100 | 22,800 | 13,100 | 25,400 | 19,200 |
| CANADA | 192,300 | 137,800 | 189,100 | 134,200 | 162,800 | 150,500 |
Source: CMHC Housing Now – September 2010 and September 2009. This seasonally adjusted data goes through stages of revision at different times of the the year.
Average MLS® Resale Price for Local Markets
| City | August 2009 | August 2010 |
| Halifax | $231,203 | $254,298 |
| Saint John | $166,117 | $173,918 |
| Quebec | $220,760 | $239,688 |
| Montreal | $279,897 | $303,707 |
| Ottawa | $315,176 | $322,281 |
| Toronto | $387,899 | $410,995 |
| Hamilton/Burlington | $291,374 | $299,812 |
| Winnipeg | $207,389 | $222,597 |
| Saskatoon | $281,871 | $305,866 |
| Calgary | $388,725 | $385,712 |
| Edmonton | $318,321 | $326,550 |
| Vancouver | $608,032 | $680,782 |
| Victoria | $481,279 | $471,929 |
Source: Canadian Real Estate Association
Housing Affordability Index
Standard two-storey
| Average Price | Qualifying Income ($) | RBC Housing Affordability Measure | |||||
| Region | Q2 2010 ($) | Y/Y % ch. | Q2 2010 | Q2 2010 (%) | Q/Q Ppt. ch. | Y/Y Ppt. ch. | Avg. since ’85 (%) |
| Canada* | 374,200 | 10.1 | 86,600 | 48.9 | 2.1 | 4.3 | 43.3 |
| British Columbia | 625,400 | 12.0 | 130,100 | 71.2 | 2.5 | 8.3 | 54.0 |
| Alberta | 373,900 | 4.9 | 85,100 | 37.5 | 0.7 | 1.5 | 38.6 |
| Saskatchewan | 319,900 | 8.4 | 77,500 | 43.0 | 0.6 | 2.2 | 38.0 |
| Manitoba | 276,000 | 10.7 | 68,500 | 39.3 | 2.2 | 3.1 | 37.7 |
| Ontario | 393,000 | 9.8 | 93,500 | 47.4 | 2.6 | 4.0 | 43.7 |
| Quebec | 263,100 | 12.3 | 64,000 | 43.7 | 1.6 | 4.5 | 38.8 |
| Atlantic | 224,000 | 6.5 | 58,000 | 37.8 | 1.5 | 2.1 | 38.1 |
| Toronto | 564,600 | 10.7 | 126,600 | 60.0 | 3.1 | 5.9 | 53.4 |
| Montreal | 331,400 | 9.5 | 77,900 | 53.3 | 1.9 | 4.9 | 41.6 |
| Vancouver | 768,700 | 14.3 | 156,700 | 82.6 | 2.9 | 11.2 | 62.4 |
| Ottawa | 358,600 | 12.7 | 90,600 | 43.0 | 3.5 | 4.3 | 39.0 |
| Calgary | 422,100 | 5.5 | 91,600 | 40.2 | -0.1 | 1.8 | 40.3 |
| Edmonton | 373,600 | 8.1 | 86,400 | 39.0 | 1.2 | 2.3 | 37.0 |
Detached bungalow
| Average Price | Qualifying Income ($) | RBC Housing Affordability Measure | |||||
| Region | Q2 2010 ($) | Y/Y % ch. | Q2 2010 | Q2 2010 (%) | Q/Q Ppt. ch. | Y/Y Ppt. ch. | Avg. since ’85 (%) |
| Canada* | 330,000 | 10.8 | 76,000 | 42.9 | 1.9 | 4.0 | 39.0 |
| British Columbia | 561,600 | 15.4 | 116,700 | 63.8 | 1.7 | 8.8 | 48.8 |
| Alberta | 347,900 | 5.2 | 77,900 | 34.3 | 1.4 | 1.4 | 36.1 |
| Saskatchewan | 313,100 | 6.4 | 73,600 | 40.8 | 1.5 | 1.6 | 36.6 |
| Manitoba | 249,500 | 10.0 | 62,800 | 36.0 | 0.8 | 2.7 | 36.8 |
| Ontario | 342,200 | 10.3 | 81,200 | 41.2 | 2.3 | 3.6 | 40.1 |
| Quebec | 221,100 | 11.6 | 53,500 | 36.5 | 1.3 | 3.7 | 32.9 |
| Atlantic | 196,000 | 4.5 | 49,700 | 32.4 | 1.1 | 1.4 | 31.6 |
| Toronto | 472,800 | 10.9 | 105,900 | 50.2 | 2.4 | 5.0 | 48.2 |
| Montreal | 267,200 | 11.0 | 63,200 | 43.2 | 1.8 | 4.3 | 36.8 |
| Vancouver | 688,600 | 18.0 | 140,500 | 74.0 | 1.7 | 11.7 | 57.2 |
| Ottawa | 354,100 | 11.7 | 86,800 | 41.2 | 3.6 | 4.0 | 36.6 |
| Calgary | 420,000 | 4.6 | 89,200 | 39.2 | 0.9 | 1.6 | 39.9 |
| Edmonton | 335,700 | 9.6 | 77,000 | 34.7 | 2.5 | 2.4 | 33.9 |
Source: RBC Quarterly Housing Affordability Study
August Housing Starts
The seasonally adjusted annual rate of housing starts was 183,300 units in August, according to Canada Mortgage and Housing Corporation (CMHC). The seasonally adjusted annual rate estimate of housing starts activity was revised down in July from 189,200 units to 188,900 units. This results in a month-over-month decrease of 3.0 per cent in August.
“Housing starts moved lower in August, reflecting a decrease in both single and multiple starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.
The seasonally adjusted annual rate of urban starts decreased by 3.7 per cent to 162,800 units in August. Urban multiple starts moved lower by 3.7 per cent to 97,800 units, while single urban starts decreased by 3.6 per cent to 65,000 units.
Rural starts were estimated at a seasonally adjusted annual rate of 20,500 units.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
| For more information on this release: |
| Charles Sauriol CMHC Media Relations 613-748-2799 csau...@cmhc-schl.gc.ca |
| For regional starts information contact: | |
| Please Click here to Contact Us"> |
Prairie provinces: Lai Sing Louie CMHC 403-515-2991 llo...@cmhc-schl.gc.ca |
CAAMP Stats September 2010
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