Fewer mortgages in arrears: CMHC

As a result of prudent mortgage lending practices, the number of mortgages in arrears in Canada was trending down in 2011 and the first half of 2012, according to CMHC.

Read: Canadian home sales remain depressed

Additional housing highlights include:

• The rate of Canadian residential mortgages that were three months or more in arrears declined from 0.41% in 2011 to 0.36% in the first half of 2012;
• The net worth of Canadian households increased in 2011, with inflation—adjusted per capita net worth about $7,000 higher than prior to the recession;

Read: U.S. housing surge will help Canada

• Moncton has the highest rate of household growth of major urban centres from 2006 to 2011, followed by Kelowna, St. John’s, Calgary and Edmonton;
• With the number of households headed by seniors expected to rise through 2036, flexible housing can help meet their needs for comfort, security, independence, and well-being;
• Renovation spending in Canada grew 3% in 2011 to $43.8 billion;
• The inventories of completed and unoccupied housing units per 10,000 population are near the historical average, suggesting overall inventories are in line with population growth;

Read: Canada’s cooling housing market not all bad

• The recently introduced Canadian Covered Bond Legal Framework will support financial stability by facilitating diversified funding for lenders and strengthening the robustness of the Canadian covered bonds market;
• The average resale price of a home in Canada in 2011 was $363,116, with Vancouver having the highest average resale price at $779,730, while Trois-Rivieres had the lowest average resale price at $156,919;
• Housing starts in Canada rose 2.1% in 2011 and were above the long-term average at 194,000 units.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.