Ottawa’s housing market is staving off the vulnerability plaguing some of Canada’s other large municipalities, according to a report released Thursday from the Canadian Mortgage and Housing Corp.
The national housing agency wrote in its quarterly assessment of markets across the country that while Ottawa has seen growth in both demand and prices in recent quarters, the rates of acceleration do not yet warrant concerns of overvaluation in the National Capital Region.
Additionally, the supply of completed and unsold units has trended down, indicating low evidence of overbuilding.
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The picture is less rosy nationally. Despite an easing in prices, CMHC says the Canadian housing market remains “highly vulnerable.”
The federal agency says house prices in Toronto, Vancouver, Victoria and Hamilton are getting more in line with housing market fundamentals such as income, mortgage rates and population. But there still remains a “high degree of overall vulnerability” in these markets.
CMHC says there is still overbuilding in Edmonton, Calgary, Saskatoon, Winnipeg and Regina.
Meanwhile, it called Montreal’s resale market “close to overheating” as demand outstrips supply.
Cities such as Québec City, Moncton, Halifax and St. John’s join Ottawa as having low degrees of vulnerability.
The agency made the findings in its quarterly Housing Market Assessment report, which is meant to gauge the stability of the national real estate market.
– With reporting from Canadian Press