The CMHC has released a very encouraging housing report that suggests that the Canadian housing situation may not be as dire as some think. For instance, the money spent on new home construction, as well as the rental, sale, and renovation of existing homes reached one-fifth of Canada’s total gross domestic product in 2009—$307 billion total!
“The Canadian Housing Observer provides a comprehensive review of the critical role housing plays in the Canadian economy,” said Karen Kinsley, President of CMHC. “The Observer details the far-reaching impact of housing in generating economic activity and employment across sectors, and highlights how housing finance continues to be a cornerstone of Canada’s financial system.”
The report also shows that more Canadians are buying and occupying condos, and that home sales and financing are generating a solid portion of Canada’s economic activity.
The report released by CMHC covers several important topics, including the EQuilibrium™ Communities Initiative, which will “help developers bring to market neighbourhoods that are affordable, energy-efficient, and environmentally sustainable”. Click here to read more!