Monitor our most recent coronavirus (COVID-19) updates.

Skip to content
CMHC Logo Canada Mortgage
and Housing Corporation
  • Sign In or Register
  • FRANÇAIS
  •  MENU
 MENU
× FRANÇAIS
  • Home
  • Professionals
    • Project funding and mortgage financing
      • Funding programs
        • New construction
        • Renovation, repair and renewal
        • Innovation and research
        • Community (social) housing
        • Funding for Indigenous housing
        • National Housing Strategy Project Profiles
      • Mortgage loan insurance
        • Homeowner and small rental mortgage loan insurance
        • Multi-unit mortgage loan insurance
        • Default, claims and properties for sale
        • Underwriting centre
        • emili
        • NHA approved lenders
        • Calculating GDS / TDS
        • Mortgage fraud
        • Contact mortgage loan insurance
        • Insured mortgage purchase program (IMPP)
        • COVID-19: CECRA for small businesses
      • Securitization
        • NHA Mortgage Backed Securities
        • Canada Mortgage Bonds
        • Canadian registered covered bonds
        • Blockchain in the housing industry
    • Housing markets, data and research
      • Housing markets
        • CMHC Reports Calendar
        • Housing market reports
        • Mortgage market and consumer reports
        • Rental Market Report
        • Housing Market Information Portal
        • CMHC Library
        • Housing in Canada Online (HiCO)
      • Housing research
        • Housing research reports
        • Housing surveys
        • Research awards and scholarships
        • Understanding core housing need
        • CMHC Library
        • Housing market information portal
        • Housing in Canada Online (HiCO)
        • Collaborative Housing Research Network
      • Housing data
        • Data tables
          • Mortgage and Debt Data
        • CMHC Library
        • Housing in Canada Online (HiCO)
        • CMHC licence agreement for the use of data
        • Housing market information portal
    • Industry innovation and leadership
      • Housing innovation
      • Partnerships
      • Industry collaboration
      • Industry expertise
        • Affordable housing
        • Indigenous housing
        • Senior housing
        • Accessible and adaptable housing
        • Developing sustainable housing
        • Resources for mortgage professionals
        • CMHC e-newsletters
    • Events and speakers
      • Conferences
      • Speakers’ bureau
  • Consumers
    • Buying a home
      • Homebuying calculators
        • Mortgage calculator
        • Affordability calculator
        • Debt service calculator
      • Buying guides
        • Homebuying step by step
        • CMHC's condominium buyer's guide
      • Mortgage loan insurance for consumers
        • What is CMHC mortgage loan insurance?
        • Do I qualify for mortgage loan insurance?
        • CMHC mortgage loan insurance costs
        • CMHC Green Home
        • CMHC — home renovation financing options
        • FAQs — mortgage loan insurance
        • COVID-19: understanding mortgage payment deferral
      • First-time home buyer incentive
      • Incentives for homebuyers
      • Newcomers
    • Owning a home
      • Manage your mortgage
        • Mortgage fraud
        • Mortgage planning tips
        • Plan and manage your mortgage
        • Your credit report
        • Your home value
      • Aging in place
        • Housing options for Seniors
        • Housing and finance tips
        • Mortgage financing options for people 55+
        • Preventing fraud and financial abuse
    • Renting a home
      • I want to rent
        • Things to consider before renting
        • Types of housing for rent in Canada
        • Finding or advertising a rental property
        • Visiting the rental property
        • Lease and rental agreements
        • Signing the lease
        • Credit checks and bad credit
        • Rental payments and deposits
        • Roommates and pets
      • I am renting
        • Moving day
        • Landlord/Tenant responsibilities
        • Inspections
        • Maintenance and repairs
        • Complaints and evictions
        • Rent increases
        • When you can't pay rent
        • Renewing or terminating the lease
        • Moving out
      • COVID-19: eviction bans and suspensions to support renters
  • About CMHC
    • CMHC’s Story
    • Management and governance
      • Speakers’ bureau
      • Annual public meeting
      • Board of directors and committees
      • Our management committee
      • Pension governance
        • Pension overview
        • Key roles and responsibilities
        • Annual reports
    • Corporate reporting
      • CMHC annual report
      • Program evaluation
      • Quarterly financial reports
      • Joint auditors special examination report to CMHC board 2018
      • CMHC’s Insured Mortgage Deferral
      • Summary of the corporate plan
      • Transparency
        • Access to information and privacy protection
        • Briefing materials
        • Procurement
        • Travel, hospitality and conference expenditures
    • Contact us
      • CMHC departments
        • Connect with a housing solutions specialist – multi-unit
        • Contact mortgage loan insurance
      • Granville lsland
      • Media relations
      • National office
      • Regional offices
      • Holiday service hours
    • Careers
  • Media Newsroom
    • Coronavirus (COVID-19) updates
    • Media relations
  • National Housing Strategy
    • What is the strategy?
      • About the initiatives
      • How to apply
      • Help and resources
      • Priority areas for action
      • Glossary
    • Federal/Provincial/Territorial housing agreements
    • Other funding and financing opportunities
  • The Housing Observer
  • Careers
  • CMHC Library
 
  • Home
  • Professionals
  • Housing markets, data and research
  • Housing markets
  • Housing market reports
  • Housing Market Assessment
  • Save page to My Folder
    Save
  • Share this page
    Share

Housing Market Assessment — Canada and Metropolitan Areas

PDF - Publication

Save Icon

SAVE TO MY FOLDER

Housing Market Assessment — Canada and Metropolitan Areas

SAVE
Close this Window   |   Manage my Folder
Save Icon

SAVE TO MY FOLDER

Housing Market Assessment — Canada and Metropolitan Areas

Done Done!
Close this Window   |   Manage my Folder
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • Twitter
  • print
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • Twitter
  • print
share icon

Mail-blue Share via Email

Did You Know?

You can include an email signature?

Register | Sign In

×
Google Captcha Loader
share icon

Mail-blue Share via Email

Done Done!
Close this window

Description

The Housing Market Assessment (HMA) publication evaluates the housing market conditions for signs of imbalances in selected Census Metropolitan Areas that could lead to financial instability. It is not a forecasting tool or housing affordability assessment.

All assessments are now available in a single report. Use the menu at the beginning of the report to navigate to the region of your choice.

Highlights from the March 2021 release (4th Quarter 2020 results)

  • The impacts of the ongoing pandemic continued to influence housing market conditions in Canada in the fourth quarter of 2020. Market intelligence indicates a strong possibility of heightened vulnerabilities in select markets in our next assessment cycle.
  • Sales remained elevated relative to new listings in many regions. There is now evidence of overheating at the national level.
  • Sustained price growth contributed to the emergence or persistence of price acceleration and overvaluation imbalances in some markets. This is particularly the case in Eastern Canada.
  • Among the three largest metropolitan areas, the degree of overall vulnerability of the housing market in Toronto moved to high. In Montréal and Vancouver it remained moderate.
  • The short-term impacts of the pandemic led to an increase in the proportion of unoccupied rental apartments in many regions. The excess inventories in certain segments of the rental market can be a source of risk to short-term local market stability.

Excess inventories, previously named “overbuilding”, refers to an elevated number of newly built unsold homes or a high rental apartment vacancy rate. Such excess inventories can create financial difficulties for builders and rental companies if they struggle to repay debt used to build or buy these units.

Excess inventories are a risk even in unaffordable markets. In such markets, excess inventories should be cleared in the medium term but can present short-term risks. Centres with unaffordable housing would continue to benefit from long-term increases in housing supply. This would restrain growth in house prices and rents even if there are short-term periods of excess inventories.

For the full and regional results, download the latest report.

Author:
CMHC
Document Type:
PDF
Date Published:
March 25, 2021
ID Number:
68456
Download

We want your feedback!

What can CMHC do to make the insights in the Housing Market Assessment better? Take a short survey and let us know your thoughts.

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:

  1. overheating, when housing demand outpaces supply
  2. price acceleration, when there is a sustain increase in the growth rate of house prices
  3. overvaluation of house prices in comparison to levels that can be supported by housing market fundamentals
  4. excess inventories (formerly “overbuilding”), when the inventory of available housing units is elevated

To be notified as soon as new reports are available, sign up to our newsletter.

Was this page relevant to your needs?

Thank you for your feedback!

Sorry to hear that! Can you tell us about the problem?

Google Captcha Loader

For further assistance, pleasecontact us

ThanksYour feedback has been submitted.

Alarm Icon

SUBSCRIBE

SECTION: Housing Market Assessment — Canada and Metropolitan Areas

Select your notification options to receive an email when new content is available.

Geography:

+ Add Another

Done!

Already Subscribed

Close this window | Manage my Subscriptions
.
By Topic
  • Professionals
  • Project funding and mortgage financing
  • Housing markets data and research
  • Industry innovation and leadership
  • Events and speakers
  • Consumers
  • Home buying
  • Owning a home
  • Renting a home
About Us
  • CMHC's Story
  • Management and Governance
  • Partnerships
  • Corporate Reporting
  • Contact Us
  • Careers
More
  • CMHC e-Newsletters
  • CMHC Library
  • Housing Observer Online
  • Media Newsroom
  • CMHC on Twitter
  • CMHC on LinkedIn
  • CMHC on Facebook
  • CMHC on Instagram
  • CMHC on YouTube
Privacy Policy    |    Terms and Conditions    |    Transparency     Canada Mortgage and Housing Corporation (CMHC) ©2021 
Canada
loader icon