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About the Housing Market Assessment
The Housing Market Assessment provides timely, accurate, and reliable assessments of Canadian housing markets.
It is not a forecasting tool or housing affordability assessment.
The HMA is an analytical framework intended to detect evidence of current or emerging imbalances across Canada. The report is aimed at assessing whether there are risks from the overall housing market that could ultimately affect financial stability. It combines the results from a technical framework with insights gained through CMHC analysts’ knowledge of local market conditions. 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:
- overheating, when housing demand outpaces supply
- price acceleration, when there is a sustain increase in the growth rate of house prices
- overvaluation of house prices in comparison to levels that can be supported by housing market fundamentals
- excess inventories (formerly “overbuilding”), when the inventory of available housing units is elevated
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