Why Canada lags Australia in tracking the housing market – Globe and Mail

Jeff Evans

There is a recent article in the Globe and Mail that discusses the ability of the Australian government to track their housing market statistics better than Canada’s government. From the article:

The paper laid out the rationale for these discussions. “The composition of housing and mortgage markets is becoming unbalanced,” it said. “This has been most evident in the current strength of investor activity in the housing market, and in its concentration in Sydney and Melbourne.”

It would be hard for Canadian authorities to make a similar statement – we don’t have solid statistics on investor activity in this country’s residential real estate market. (Canada Mortgage and Housing Corp. recently attempted to get a handle on some of the investment activity in Toronto and Vancouver’s condo markets. Its survey was a good start, but had deficiencies, and there is much more to be studied.)

I have a difficult time believing that the Canadian government lacks the ability to track the housing market the way that Australia does, but it is definitely possible, and makes sense considering the policy decisions that the Canadian government has made the past 5 years, to make it increasingly difficult for Canadians to buy an owner-occupied residence (especially in Vancouver) while the changes have had a far smaller impact on investors to buy homes.

Author: Jeff Evans

I am a mortgage broker, hair salon owner, squash player, student, and husband, aspiring to do good for people.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

mortgage broker Vancouver BC
Good news regarding OSFI rule changes
Jeff Evans
No Comments

This is just a quick note to let viewers know that IF you are one of the people with 20% or more down-payment and are in a position that the new OSFI rule changes affect your pre-qualification, that I can extend the current guidelines into the new year by up to 120 days provided that I have an application and am able to get a pre-approval in place with a lender for you before January 1.Read More

OSFI B20 mortgage guideline changes 2017 – Part 2
Jeff Evans
No Comments

This is a continuation of the article published here about the OSFI B20 morgage guidline changes for 2017.

If you are familiar with mortgage brokers at all (which you probably aren't) you would know that we also have alternative sources of lending for situations where a mortgage borrower will not qualify with a prime institution.  We have what we call "B" lenders, who have higher rates but more flexible lending criteria, and we have private lenders, which are individuals and corporations who can lend money on on anything that suits them.Read More

OSFI B20 mortgage guideline changes 2017 – Part 1
Jeff Evans
1 Comment

B20?  Is that some kind of vitamin?

It certainly sounds like a vitamin, but unfortunately, it is something else altogether.  The Office of the Superintendent of Financial Institutions is the regulator for all federal mortgage lending institutions.  They set the regulations for mortgage companies like banks to follow (or ignore).

The latest updates to the B20 mortgage regulations could bring some potentially very disrupting changes to the real estate market, especially if you are wanting to get a mortgage in Vancouver, or you are a mortgage broker in Vancouver. In summary:Read More