The Canada Mortgage and Housing Corporation (CMHC) have implemented new rules on guarantees it offers banks and other lenders. A move CREB®’s president said is a step to control a market the agency feels is “overheated”.
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OTTAWA – Canada Mortgage and Housing Corp. is limiting guarantees it offers banks and other lenders on mortgage-backed securities.
CMHC has notified banks, credit unions and other mortgage lenders that they will each be restricted to a maximum of $350-million of new guarantees this month under its National Housing Act Mortgage-Backed Securities (NHA MBS) program.
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Housing starts in Red Deer this year are expected to jump nearly 20 per cent, says Canada Mortgage and Housing Corp. in its most recent forecast.
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OTTAWA – Canadian builders appear poised to pick up the pace of residential construction in the later half of 2013 but the total number of starts will remain below last year’s, according to a forecast issued Tuesday by Canada Mortgage and Housing Corp.
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As temperatures in Calgary increased in May, so did the city’s housing starts.
“The trend of total housing starts increased slightly in May, due to strong construction in both the single-detached and multi-family markets,” said Richard Cho, senior market analyst for Calgary with the Canada Mortgage and Housing Corporation (CMHC).
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Grande Prairie may be a transient city, but recent statistics reveal the growing housing market is here to stay.
This week, the Canada Mortgage and Housing Corporation (CMHC) released a report of housing starts for the month of May and updated numbers from the year-to-date.
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Canada Mortgage and Housing Commission recently released a housing starts report for May, and Lethbridge starts are up slightly.
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A drop in both resale and new spec homes in Calgary has fuelled a climb in housing construction this year, says a federal agency.
Through the first four months of 2013, the Calgary census metropolitan area saw a nine per cent increase in construction of single-family homes compared to the same period in 2012, says Canada Mortgage and Housing Corp.
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Residential construction continues at a brisk pace in Red Deer, with Canada Mortgage and Housing Corp. reporting 62 housing starts last month.
That tally, which included 40 single-detached homes and 22 units in multi-family projects, was up 19 per cent from April 2012, when there were 52 starts.
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Earlier this year, the Department of Finance convinced Manulife Financial Corp. to withdraw a 2.89 per cent interest rate promotion on five-year closed mortgages. The consensus seems to be that it was a misstep on the part of the Finance Minister’s office to intervene on a case-by-case basis, if the goal was to avoid a low rate war.
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