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About the Housing Market Assessment
The Housing Market Assessment provides timely, accurate, and reliable assessments of Canadian housing markets. It identifies vulnerabilities for the public.
- The HMA builds on published economic and financial research taking into account the Canadian housing markets. It uses different econometric methods and data from various sources.
- It validates the models with past periods where there were housing imbalances. Comparisons such as Toronto in the late 1980s and Calgary prior to the global financial crisis of 2007 – 2008 are analyzed.
To obtain an accurate picture of the overall state of the housing market, multiple measures and indicators are analyzed. The HMA uses a comprehensive, multidimensional, and integrated framework to assess housing market conditions.
To capture imbalances in housing markets, the HMA framework assesses 4 factors:
- housing demand outpaces supply
- sustained increase of house prices
- overvaluation of house prices in comparison to levels that can be supported by housing market fundamentals
- overbuilding when the inventory of available housing units is elevated
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