News & Resources

Canada's Housing Market Slowing Down, Statistics Show

Jan. 10, 2014
1 mins
Couple in modern living room looking at laptop

Canada Mortgage and Housing Corp. reported on Jan. 9th that housing starts for December were 195,760 compared to 197,797 in November.

In urban areas, CMHC notes, housing starts decreased by 5.1 percent to 168,214 units in December with declines in the Prairie provinces, Atlantic Canada and Ontario.

Another report from Statistics Canada showed that contractors took out $6.8 billion worth of building permits in November, down 6.7 percent from October. The drop was mainly attributable to weakening in the residential sector in Quebec and Ontario.

While the declines are far from catastrophic, analysts confirm that Canada's housing market has cooled down.

"We saw a pretty solid run-up in the early part of the year in home-building activity, but we have seen activity level off,” BMO Capital Markets senior economist Robert Kavcic said in a Canadian Press report.

Kavcic says the trend will continue: "As we look to 2014, we’re expecting activity to cool off a little bit further. Basically, what we’re going to see is homebuilders putting up houses at a rate that is required by the population.”

Latest life insurance articles

Why life insurance should be part of estate planning for new parents
Life insurance is one of the best ways new parents can protect their family and help loved ones in the event of your unexpected death.
Learn More
5 mins read
10 Myths About Life Insurance Busted – Some May Surprise You
You may be young with no kids and no mortgage. Life insurance is for someone older, who has dependents right? Wrong. Let’s debunk life insurance myths and learn why everyone needs some form of coverage.
Learn More
6 mins read
Will a Life Insurance Policy Cover Death Due to COVID-19?
Demand for life insurance may be on the rise during the pandemic as more Canadians consider buying a policy or reviewing ones they already have. If you’re thinking of applying for a policy, here are a few things to keep in mind.
Learn More
4 mins read

Subscribe to our newsletter

Stay on top of our latest offers, relevant news and tips!

Thanks for joining!

You'll be hearing from us shortly - stay tuned.