Feb. 6, 2010

2009 Housing in Canada

A new Canada Mortgage and Housing Corporation report about the 2009 housing situation just came out. You should check it out, it is quite in-depth and interesting. No real surprises if you regularly check the situation, but it is nice to see all the exact data summarized.

Here are the key figures from the report:
The seasonally adjusted annual rate of housing starts in December increased by 5.8 percent from November up to 177,800 units. The November level was 168,000 units. As a matter of fact, the number of housing starts was at its highest montly level since October 2008 in December.

Urban single and multiple starts also rose in December. From November, the seasonally adjusted annual rate of urban starts increased by 6.6 percent to 157,200. Urban single starts rose to 79,400 units, by 6.4 percent. And the rise of urban multiple starts was 6.9 percent to 77,800 units.

Only in the Prairies the seasonally adjusted annual rate of urban starts did not rise in December. There, urban starts actually decreased by 3.8 percent to 30,600 units. Actual new listings for 2009 also declined, by 12.6 percent compared to 2008.

The "sales to new listings" ratio for our country was at the level of 66 percent in December and has therefore stayed in the sellers' market territory. In 2009 overall, this ratio was 59 percent.

As for the seasonally adjusted average MLS price in our country, it rose by 0.9 percent to $345,335 in December. A month before, it was $342,287. The MLS price rose by 5 percent in 2009 compared to 2008.

2,600 positions were lost in December. Total employment in 2009 in Canada decreased by 1.6 percent, which is 276,900 jobs, from 2008. Thus for the first time in 17 years, the annual employment growth in Canada was been positive.

In December, the unemployment rate was 8.5 percent. 200 part-time jobs and 2,400 fulltime jobs were shed. Decrease by 16,600, the biggest one, was in Ontario.

Actual urban starts in 2009 declined by 30.4 percent from 2008. Urban single starts for 2009 decreased by 18.7 percent and urban multiple starts by 38.2 percent from 2008.

Starts in rural and urban areas went down by about 29.4 percent in 2009 in comparison with 2008. For the first time in eight years, housing starts in 2009, went below 200,000 units. Here in Ontario, total starts decreased by 32.9 percent.

There also was a decline in New Housing Price Index - 1.4 percent from November 2008.

In December, the seasonally adjusted annual rate of MLS grew by 2 percent in December, to 561,660 units. In 2009, existing home sales in Canada in 2009 increased by 7.7 percent from 2008. The seasonally adjusted annual rate of MLS new listings grew by 4.7 percent to 854,412 units in December. The seasonally adjusted average MLS price in Ontario was $341,810 in December 2009.

Couple of declines, and the really bad employment situation in Ontario upsets me. Still, nice to see it all summarized. What's your opinion? Do you find the results surprising? What do you expect this year?

1 comment:

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