Canada's Housing Bubble

Oct 02, 2010 canadianrealestatemagazine.ca

New home construction, along with the rental, sale and renovation of existing homes in Canada represents one fifth of the country’s economy, the Canada Mortgage and Housing Corporation has found.

New home construction, along with the rental, sale and renovation of existing homes in Canada represents one fifth of the country’s economy, the Canada Mortgage and Housing Corporation has found.

In 2009, housing activity contributed $307 billion to Canada’s economy, making up 20.1 per cent total gross domestic product, according to CMHC’s 2010 Canadian Housing Observer report published Sept. 30.

The report also found that from 2001 to 2006, the number of owner-occupied condominiums increased by 37 per cent, three times faster than owner households overall.

The need for urban core housing also continued to improve across the country, decreasing from 13.9 per cent in 2002 to 12.4 per cent in 2007.

See also: CMHC Releases Comprehensive Report on Housing in Canada