CMHC’s fourth-quarter Housing Market Assessment (HMA) maintains a moderate degree of overall vulnerability at the national level. However, imbalances between house prices and housing market fundamentals are easing.
What is CMHC’s Housing Market Assessment?
The Housing Market Assessments (HMAs), published quarterly, analyze Canada’s housing markets and give a comprehensive view of these markets’ vulnerabilities. The HMAs consider 4 main factors: overheating, price acceleration, overvaluation and overbuilding. The information and analysis provided can help Canadians make informed decisions and contribute to an orderly adjustment of housing market imbalances.
We publish a national HMA, as well as separate HMAs for 15 census metropolitan areas (CMAs).
Highlights from the fourth quarter 2019 release
- The overall degree of vulnerability for the Toronto and Hamilton housing markets has been downgraded from high to moderate in this report.
- Evidence of overheating is no longer signaled in Victoria.
- The degree of overall vulnerability remains moderate in Vancouver, where moderate evidence of overvaluation persists.
- Edmonton, Calgary, Saskatoon, Regina and Winnipeg continue to see a moderate degree of overall vulnerability, where evidence of overbuilding is signaled.
- A low degree of overall vulnerability is still reported for Ottawa, Montréal, Québec, Moncton, Halifax and St. John’s. However, overheating conditions persist in Montréal and Moncton.