This is the cached copy of http://www.cmhc-schl.gc.ca/en/hoficlincl/observer/upload/gatefold_en_intro_w.pdf.

Canadian Housing Observer 2012 - Cover
Page 1
CANADIAN
HOUSING OBSERVER
2012
T E N T H E D I T I O N

Page 2
CMHC—HOME TO CANADIANS
Canada Mortgage and Housing Corporation (CMHC) has
been Canada’s national housing agency for more than 65 years.
Together with other housing stakeholders, we help ensure
that the Canadian housing system remains one of the best
in the world. We are committed to helping Canadians access
a wide choice of quality, environmentally sustainable and
affordable housing solutions that will continue to create
vibrant and healthy communities and cities across the country.
For more information, visit our website at www.cmhc.ca
You can also reach us by phone at 1-800-668-2642 or
by fax at 1-800-245-9274.
Outside Canada call 613-748-2003 or fax to 613-748-2016.
Canada Mortgage and Housing Corporation supports the
Government of Canada policy on access to information
for people with disabilities. If you wish to obtain this
publication in alternative formats, call 1-800-668-2642.

Page 3
Fig A
Change in number of households, 2006-2011 (%)
Average annual housing completions per 1,000 population, 2006-2011
Per capita completions based on average of 2006 and 2011 census population counts.
Source: CMHC (Starts and Completions Survey) and adapted from Statistics Canada (Census of Canada)
0
2
4
6
8
10
12
14
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Kelowna
Oshawa
Abbotsford-Mission
Windsor
Thunder Bay
St. Catharines-Niagara
London
Québec
Toronto
Moncton
Trois-Rivières
Hamilton
Peterborough
Sherbrooke
Brantford
Kingston
Greater Sudbury/
Grand Sudbury
Barrie
Guelph
Victoria
Calgary
Montréal Halifax
Edmonton
Winnipeg
Saguenay
Vancouver
Saskatoon
Regina
Kitchener-Cambridge-Waterloo
Ottawa-Gatineau
Saint John
St. John’s
All CMAs
Canada
Trend line
Housing completions are strongest in those Census Metropolitan Areas
with the fastest growth in number of households
A
Thousands of units
Annual growth (%)
Employment growth calculated from average monthly employment during the year.
Income growth based on quarterly average during the year.
Real disposable income = disposable income/consumption deflator.
Source: CMHC (Starts and Completions Survey) and adapted from Statistics Canada (CANSIM)
Fig B
Employment (left scale)
Real disposable income (left scale)
Housing starts (right scale)
Average housing starts (right scale)
-2
-1
0
1
2
3
4
5
6
7
8
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
0
50
100
150
200
250
Recovery in employment since the 2008/2009 recession, and continued growth
in real disposable income are providing a solid foundation for housing activity.
Annual housing starts are at about the long-term average
B

Page 4
The monthly mortgage payment is calculated using the prevailing average
MLS® price and the 5-year fixed mortgage posted rate prevailing in
each period, assuming a 25% down payment and 25 year amortization.
The income figure is personal disposible (after tax) income per worker.
Source: CMHC, adapted from Statistics Canada (CANSIM),
unpublished data, and CREA (MLS®)
Average mortgage payment as a percentage
of personal disposable income per worker
is close to its long-term average
Fig C
20
25
30
35
40
45
1990Q1 1991Q1 1992Q1 1993Q1 1994Q1 1995Q1 1996Q1 1997Q1 1998Q1 1999Q1 2000Q1 2001Q1 2002Q1 2003Q1 2004Q1 2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1
Per cent
Average mortgage payment-to-income ratio
Mortgage payment-to-income ratio
C
Most mortgage holders have
substantial equity in their homes1
Fig D
1 Mortgages and Home Equity Lines of Credit (HELOCs)
are deducted from the home values.
Source: CAAMP Confidence in the Canadian Mortgage Market,
May 2012
19%
72%
9%
<10%
10% - 24.9% ≥ 25%
D
Source: Statistics Canada (CANSIM)
Debt-service ratios are below or
near their long-term averages
Fig E
1990Q1
1991Q1
1992Q1 1993Q1
1994Q1
1995Q1 1996Q1
1997Q1
1998Q1
1999Q1 2000Q1
2001Q1
2002Q1
2003Q1
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
2011Q1 2012Q1
Interest paid on debt as % of personal disposable income
0
1
2
3
4
5
6
7
Average mortgage debt
Average consumer debt
Consumer debt
Mortgage debt
E
Source: Canadian Bankers Association
The percentage of residential mortgages
three months or more in arrears
has been on a decline
Fig F
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Per cent
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
Average arrears rate
Arrears rate
F
Housing markets are supported
by strong demographic, economic
and financial fundamentals

Page 5
Housing costs range
across markets
Victoria
Vancouver
498,300
779,730
Thunder Bay
Sherbrooke
Moncton
Trois-Rivières
St. John’s
164,393
156,919
Montréal
Winnipeg
St. Catharines
-Niagara
Hamilton
Kingston
Calgary
Halifax
Kitchener-Cambridge
-Waterloo
Guelph
Oshawa
Barrie
158,561
251,581
215,449
241,408
333,498
223,066
260,950
237,283
314,013
261,968
287,588
312,305
314,450
305,100
402,851
Brantford
Saint John
Québec
178,951
Regina
Gatineau
Saskatoon
Greater Sudbury/
Grand Sudbury
Windsor
London
Edmonton
Toronto
Canada
Peterborough
Ottawa
247,138
166,008
277,473
234,268
344,791
325,595
233,731
301,232
254,605
363,116
466,352
Saguenay
229,485
MLS® is a registered trademark of the Canadian Real Estate Association.
The geographic definitions used by CREA differ from those used by
Statistics Canada.
Source: CREA (MLS®), QFREB by Centris®
MLS® average prices in Vancouver were about
5 times those in Trois-Rivières in 2011
Fig G
$100,000
$200,000
$300,000
$400,000
$800,000
170,354
G
Thunder Bay
Sherbrooke
Moncton
Trois-Rivières
St. John’s
772
547
Montréal
Winnipeg
St. Catharines
-Niagara
Hamilton
Kingston
Victoria
Calgary
Halifax
Kitchener-Cambridge
-Waterloo
Guelph
Oshawa
Vancouver
Barrie
715
771
577
875
884
833
925
792
719
965
1,001
889
941
903
1,045
1,237
1,084
Brantford
Iqaluit 2,356
Saint John
Québec
557
Regina
Gatineau
Saskatoon
Greater Sudbury/
Grand Sudbury
Windsor
London
Edmonton
Toronto
Canada2
Peterborough
Ottawa
670
718
753
932
731
1,086
1,034
881
966
899
856
1,149
Saguenay
881
Abbotsford-Mission 800
Kelowna
922
Yellowknife 1,566
1
In privately initiated apartment structures with at least three units.
2
Based on provincial data.
Source: CMHC (Rental Market Survey)
$1,200
$2,400
$1,100
$1,000
$900
$800
$600
$500
$700
Average rents1 for a two-bedroom
apartment varied widely in 2011
Fig H
Vacancy Rate:
Above national average
National average 2.9%
Below national average
Whitehorse
810
H

Page 6
Housing market
intelligence
you can count on
FREE REPORTS AVAILABLE ON-LINE
Canadian Housing Statistics
Housing Information Monthly
Housing Market Outlook, Canada
Housing Market Outlook, Highlight Reports – Canada and Regional
Housing Market Outlook, Major Centres
Housing Market Tables: Selected South Central Ontario Centres
Housing Now, Canada
Housing Now, Major Centres
Housing Now, Regional
Monthly Housing Statistics
Northern Housing Outlook Report
Preliminary Housing Start Data
Renovation and Home Purchase Report
Rental Market Provincial Highlight Reports
Rental Market Reports, Major Centres
Rental Market Statistics
Residential Construction Digest, Prairie Centres
Seniors’ Housing Reports
Get the market intelligence you need today!
Click www.cmhc.ca/housingmarketinformation
to view, download or subscribe.
On June 1, 2012,
CMHC’s Market Analysis
Centre turned 25!
CMHC’s Market Analysis Centre
has a strong history as the
Canadian housing industry’s
“go-to” resource for the most
reliable, impartial and up-to-date
housing market data analysis and
forecasts, in the country.
CMHC’s Market Analysis Centre
e-reports provide a wealth of
detailed local, provincial, regional
and national market information.
Forecasts and Analysis –
Future-oriented information
about local, regional and
national housing trends.
Statistics and Data –
Information on current
housing market activities —
starts, rents, vacancy rates
and much more.
Housing for Older Canadians –
The Definitive Guide to the Over-55 Market
Independent Living
Aging in place
A Series of Online Guides
Find out more www.cmhc.ca
HOUSING FOR OLDER CANADIANS:
The Definitive Guide to the Over-55 Market
VOLUME Understanding the Market
67514 5-10-12
HOUSING FOR OLDER CANADIANS:
The Definitive Guide to the Over-55 Market
67660 18-09-12
VOLUME Responding to the Market
67662 5-10-12
HOUSING FOR OLDER CANADIANS:
The Definitive Guide to the Over-55 Market
VOLUME Planning the Project

Page 7
CANADIAN HOUSING OBSERVER 2012
Visit www.cmhc.ca/observer for easy access to timely, comprehensive
data on Canadian Housing.
INTERACTIVE LOCAL DATA TABLES
The analysis provided in the Observer is backed by a suite of online data resources
and tools that provide a comprehensive overview of Canadian housing conditions.
One of these data resources is interactive local data tables for selected municipalities
(Census Subdivisions) which provide a range of housing information to help you
make more informed decisions at the municipal level. This year, these have been
expanded to include over 160 municipalities across Canada.
To access the local data tables, as
well as other useful online resources
from the Observer, including Housing
in Canada Online (HiCO) and
mortgage market data, go to:
www.cmhc.ca/observer
To be kept up-to-date on CMHC’s latest housing research information,
subscribe to the FREE CMHC Housing Research E-newsletter at
www.cmhc.ca