Canadian Housing Observer 2010
In late-October, the Canada Mortgage and Housing Corporation released theÂ Canadian Housing Observer 2010.Â I’veÂ finallyÂ givenÂ it aÂ thorough read andÂ am struck by some of theÂ statistics.
The MLS average price of a home in Canada hasÂ almost doubled in the past decade.Â In 2000, the figure was just under $164,000.Â By 2009, it was just over $320,000.Â Perhaps not surprisingly, during this same period, residential mortage credit by lending institutions in Canada more than doubled, from just underÂ $432 billion to just overÂ $936 billion. (NumbersÂ such as these ledÂ David MacDonaldÂ to argueÂ in an August 2010 CCPA paperÂ that Canada is experiencing a housing bubble; I’ve blogged about thatÂ here.)
In 2006, just under 13 percent of Canadian households were considered to be in “core housing need” (which usually means that they are paying more than 30 percent of gross monthly income on housing).Â Â But the figure for Nunavut was just over 37 percent, by far the highest of any province or territory.Â And just over 20 percent of Aboriginal households across Canada are in core housing need.
Finally, there are just over 49,000 units of band housing in Canada.Â Â More thanÂ 47 percent of those units are in need of major repairs (whileÂ only 7.5 percentÂ of all housing unitsÂ across CanadaÂ are in need of major repairs).Â Moroever, almost 15 percent of band housing units built in the past decade are alreadyÂ in need of major repairs, while the corresponding figure for all housing units built in Canada over the past decade is roughly one percent.
Nick Falvo is a Calgary-based research consultant. He has a PhD in public policy.