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According to the housing market assessment report of the Canadian Mortgage and Housing Corporation (CMHC), there has been an imbalance in the housing market, such as overheating, soaring prices and overvalued house prices.
A study of the housing market across the country and 14 major cities by the Canadian Mortgage and Housing Corporation found that the fragility of the housing market in Vancouver improved in the second quarter, but increased in Toronto and Montreal. Universal vaccination in the first half of this year laid the foundation for Canada’s economic recovery, with financial and financial policies, as well as the global economic recovery, underpinning the housing market.
However, the imbalance caused by the recent rise in housing prices and overvaluation has exceeded the fundamental level. The number of listings on the market can not catch up with the sales demand, leading to the overheating of the housing market across the country. Moreover, the number of new immigrants in the first half of this year increased by 41500 over the same period last year.
The report pointed out that the ratio of home sales to new listings rose to a historic high of 84.1% in the first quarter of this year, and although the housing market slowed in the second quarter, it was still 73.5% overheated. Both the CMHC and the National Bank House Price Index show a sharp rise in house prices across the country. 85% of new homes were absorbed in the first half of the year, the highest rate since early 2000, reflecting extremely low inventories.
Despite a slowdown in the second quarter, housing markets in Vancouver, Toronto and Montreal remained at or near historic highs in the first half of the year, the report said. House prices in Toronto and Montreal are overheating. House prices in Montreal are also beyond fundamental support, and there is no sign of easing. The recent rise in house prices in Vancouver has roughly adjusted with fundamentals, thus reducing vulnerability.