2009 Overall Housing Situation in Canada
By Elli Davis, January 30, 2010
Have you guys seen the new Canada Mortgage and Housing Corporation report about the 2009 housing situation yet? It is pretty interesting, very detailed and definitely worth to check out. No big surprises if you regularly watch the situation closely, 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. Actually, the overall number of housing starts in December reached its highest monthly level since October 2008.
•There was an increase in urban single and also multiple starts in December. The seasonally adjusted annual rate of urban starts in December rose by 6.6 percent from November to as much as 157,200. Urban single starts grew by 6.4 percent to 79,400 units. And the rise of urban multiple starts was 6.9 percent to 77,800 units.
•The unemployment rate in December was 8.5 percent. 2,400 fulltime jobs and 200 part-time jobs were lost in December. The biggest decline in employment was unfortunately here in Ontario, by 16,600 jobs.
•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 while from 2008.
•Starts in rural and urban areas together declined approximately by 29.4 percent from 2008 to 2009. Housing starts in 2009, at the level of 149,081 units, went below 200,000 units for the first time in eight years. In Ontario, total starts declined by 32.9 percent.
•The New Housing Price Index also decreased, by 1.4 percent, from November 2008.
•The seasonally adjusted annual rate of MLS increased by 2 percent in December, to 561,660 units. Existing home sales in Canada in 2009 rose from 2008 by 7.7 percent. The seasonally adjusted annual rate of MLS new listings in December rose by 4.7 percent up to 854,412 units. In Ontario, the seasonally adjusted average MLS price was $341,810 in December 2009.
Quite a few decreases, and I’m still bummed about the really terrible employment situation here in Ontario. Anyway, as I already said, good to see it all summarized, isn't it? So, what do you say? Did the results surprise you? What do you expect this year?