Kitchener and Guelph CMAs

Transcription

1 H o u s i n g M a r k e t I n f o r m a t i o n Housing Now Kitchener and Guelph CMAs C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: First Quarter 2012 New Home Market Kitchener and Guelph Starts Move in Opposite Directions While housing starts in the Kitchener- Cambridge-Waterloo (hereafter referred to as KCW) Census Metropolitan Area (CMA) increased slightly in 2011 from 2010, new construction in the Guelph CMA dropped. In KCW, housing starts were at the highest level in six years, while starts in Guelph were at the second lowest level since In both CMAs, apartment starts increased. The story in KCW in 2011 was the surge in apartment starts. Apartments, both rental and condominium, have been gaining in popularity. Apartment starts in 2011 were up by close to 50 per cent compared to 2010 and reached the highest level since Strong demand from students, immigrants and downsizing baby boomers, and also the required intensification spurred this growth. The highest number of apartment starts occurred in the Waterloo University and Waterloo Uptown areas, driven by demand from students, university employees and young adults working Table of Contents 1 New Home Market 2 Resale Market 4 More Baby Boomers Working 5 Maps 11 Tables Figure 1 Kitchener-Cambridge-Waterloo CMA Starts 1,400 Apartment Semi & Row Detached Starts Trend 1,200 1, Subscribe Now! Access CMHC s Market Analysis Centre publications quickly and conveniently on the Order Desk at View, print, download or subscribe to get market information ed to you on the day it is released. CMHC s electronic suite of national standardized products is available for free. Source: CMHC Housing market intelligence you can count on

2 Figure in the Uptown core. As a result, total City of Waterloo starts increased by close to 70 per cent. The only other municipality to record higher starts in 2011 was the of North Dumfries. Overall, total housing starts in KCW in 2011 were only slightly above the 2010 level and in line with demographic fundamentals. Despite the jump in apartment starts, starts for all other housing types declined. Many buyers took advantage of favourable conditions in late 2009 and early 2010 to purchase a home. With fewer buyers in the market later in 2010, sales declined, resulting in a decline in starts in The mix of buyers also affected starts. With many firsttime buyers having completed their purchase in 2010, they were not as big a factor in the market in Firsttime buyers have on average lower incomes, lower down payments and tend to buy more modest homes. With fewer first-time buyers, starts for semi-detached houses and townhomes fell. On the other hand, repeat buyer demand remained strong. Repeat buyers have both a higher income and equity in their homes. As a result, Guelph CMA Starts Apartment Semi & Row Detached Starts Trend Source: CMHC single-detached starts did not decline to any great extent. Nevertheless, single-detached starts accounted for only 40 per cent of total starts in Although demand remained strong for detached homes and the inventories of completed and unsold single-detached homes remained at historically low levels, the shortage of registered lots in the cities of Waterloo and Cambridge constrained building. In the Guelph CMA, after a strong increase in 2010, housing starts declined in 2011, but remained above the decade low number of starts in The economy in Guelph recovered more slowly than in Kitchener, and some buyers remained on the sidelines due to the uncertain job market. Demand from both firsttime and repeat buyers declined. With fewer first-time buyers, starts of semidetached and townhomes declined. Land constraints and fewer repeat buyers led to the drop in singledetached starts. In addition, prices for single-detached homes in the new home market grew faster than prices in the resale market, encouraging some buyers to buy an existing home. In fact, single-detached starts were at the lowest level since On the other hand, stronger demand from young adult households and downsizing baby boomers led to the increase in apartment starts. The average price of newly completed single-detached homes in the KCW and Guelph CMAs increased in The New Housing Price Index for Kitchener, which measures price increases for equivalent homes, increased by 3.6 per cent between November 2010 and November 2011, almost equal to the 4.1 per cent average new home price increase in KCW. The average price in Guelph increased by more than 13 per cent, as land constraints encouraged builders to focus on larger, more expensive homes. In Guelph, the number of homes sold above $450,000 increased by more than 40 per cent in Resale Home Market Mixed Results in 2011 Sales of existing homes through the real estate associations in the Kitchener-Guelph area showed mixed results compared to While sales of existing homes in 2011 in the Kitchener-Waterloo area declined slightly, sales in both Cambridge and Guelph exceeded 2010 levels. Historically low mortgage rates helped to sustain demand for resale homes. Similar to the new home market, firsttime buyers were not as active in the existing home market in 2011, while repeat buyers kept the area markets active. Unadjusted sales in the fourth quarter of 2011 were higher than in the same quarter of 2010 in both Guelph and Cambridge, but lower in KW. Seasonally adjusted data shows that sales in the fourth quarter were higher than third quarter sales in all markets. 2

3 Figure 3 MLS Sales Due to the weaker demand from firsttime buyers, sales of semi-detached homes and townhomes through the Kitchener-Waterloo Association of REALTORS (KWAR) decreased by more than eight per cent in 2011, while sales of single-detached homes declined marginally as repeat buyer demand remained strong. As a result, sales of single-detached homes accounted for a slightly higher Figure 4 Price ($000s) 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 $330 $310 $290 $270 $250 $230 $210 $190 $170 $150 0 Existing Home Sales Kitchener-Waterloo Cambridge Guelph Source: CREA (MLS ) Note: Sales are seasonally adjusted and are multiplied by 4 to show an annual rate 1 MLS is a registered trademark of the Canadian Real Estate Association (CREA). Kitchener-Waterloo Cambridge Guelph MLS Price 66 per cent of total existing home sales. Although sales in the cities of Kitchener and Waterloo comprised 73 per cent of total KWAR sales, sales in KW declined by four per cent, while sales outside of KW increased by four per cent. Newly listings of homes through KWAR were marginally higher in 2011, setting another record. This increase can be attributed to the strong number of repeat buyers, as well as an increase in the stock of existing homes. As a result of increased supply and lower demand, the market returned to balance in Despite a more balanced resale market, the average price increased by more than six per cent. This was due in part to increased demand for homes in the higher price ranges and lower demand from first-time buyers for more affordable homes. The number of residential properties sold through the Guelph and District Association of REALTORS increased slightly in 2011 due to the stronger sales in the last half of the year. With strong employment growth in the latter part of 2011, households were more willing to make home purchases. While new listings remained near the 2010 level, the increase in sales led to a tighter market in Since the market favoured sellers throughout 2011 and demand for homes strengthened in the last half of 2011, the average price of a resale home increased by close to three per cent. This increase followed a more than ten per cent increase in The number of residential properties sold through the Real Estate Board of Cambridge increased by more than seven per cent from Sales were strongest in the last half of New listings also increased as more repeat buyers were active in the market. With supply increasing at a faster pace than demand, the market returned to more balanced conditions. With a balanced market, price growth is usually in line with the rate of inflation and that is what occurred in Cambridge in Source: CREA (MLS ) Note: Prices are seasonally adjusted 3

4 Employment rose in Kitchener in 2011, up more than three per cent from But, there is a story behind the numbers. The increase in employment varied across age groups. Employment for those increased by less than one per cent (125 jobs) due to a decline in the labour force as the population for this age group declined. For those between the ages of 25 and 44, employment increased by close to two per cent (2,200 jobs) with both the population and labour force growing. The slower growth in employment for these two age groups would have somewhat limited firsttime buyer demand. But, the real story is the employment growth for those in the age group. Employment for this age group grew by more than ten per cent (10,100 jobs) with the growth in the labour force outpacing the population growth for this group, implying More Baby Boomers Working Figure 5 the return of some people who had been out of the workforce. More employees in this age group are working longer to provide for their retirement. The strong growth in employment for this age group is reflected in the strength of the repeat buyer market in Kitchener. Unemployment Rate Declines % 2% 4% 6% 8% 10% 12% 14% 16% 18% Source: Statistics Canada Unemployment ment Rate(%) 4

5 Kitchener-Cambridge-Waterloo & Guelph CMAs Number of Starts (Multiples) N HIGHWAY 6 Guelph/Eramosa Woolwich YORK RD Woolwich Guelph City HANLON PKY VICTORIA ST N Waterloo City HIGHWAY 401 HIGHWAY 7 & 8 Kitchener City Cambridge City HIGHWAY 8 North Dumfries Legend No starts starts starts starts HIGHWAY Km 5

6 Kitchener-Cambridge-Waterloo & Guelph CMAs Number of Starts (Singles) N HIGHWAY 6 Guelph/Eramosa Woolwich YORK RD Woolwich Guelph City HANLON PKY VICTORIA ST N Waterloo City HIGHWAY 401 HIGHWAY 7 & 8 Kitchener City Cambridge City HIGHWAY 8 North Dumfries Legend 5-43 starts starts starts HIGHWAY Km 6

7 Kitchener-Cambridge-Waterloo & Guelph CMAs Total Number of Starts N HIGHWAY 6 Guelph/Eramosa Woolwich YORK RD Woolwich Guelph City HANLON PKY VICTORIA ST N Waterloo City HIGHWAY 401 HIGHWAY 7 & 8 Kitchener City Cambridge City HIGHWAY 8 North Dumfries Legend starts starts starts HIGHWAY Km 7

8 Kitchener-Cambridge-Waterloo & Guelph CMAs Number of Starts (Multiples) January - December 2011 N HIGHWAY 6 Guelph/Eramosa Woolwich YORK RD Woolwich Guelph City HANLON PKY VICTORIA ST N Waterloo City HIGHWAY 401 HIGHWAY 7 & 8 Kitchener City Cambridge City HIGHWAY 8 North Dumfries Legend No starts starts starts starts HIGHWAY Km 8

9 Kitchener-Cambridge-Waterloo & Guelph CMAs Number of Starts (Singles) January - December 2011 N HIGHWAY 6 Guelph/Eramosa Woolwich YORK RD Woolwich Guelph City HANLON PKY VICTORIA ST N Waterloo City HIGHWAY 401 HIGHWAY 7 & 8 Kitchener City Cambridge City HIGHWAY 8 North Dumfries Legend starts starts starts HIGHWAY Km 9

10 Kitchener-Cambridge-Waterloo & Guelph CMAs Total Number of Starts January - December 2011 N HIGHWAY 6 Guelph/Eramosa Woolwich YORK RD Woolwich Guelph City HANLON PKY VICTORIA ST N Waterloo City HIGHWAY 401 HIGHWAY 7 & 8 Kitchener City Cambridge City HIGHWAY 8 North Dumfries Legend starts starts 731-1,086 starts HIGHWAY Km 10

11 HOUSING NOW REPORT TABLES Available in ALL reports: 1 Housing Activity Summary of CMA 2 Starts by Submarket and by Dwelling Type Current Month or Quarter 2.1 Starts by Submarket and by Dwelling Type Year-to-Date 3 Completions by Submarket and by Dwelling Type Current Month or Quarter 3.1 Completions by Submarket and by Dwelling Type Year-to-Date 4 Absorbed Single-Detached Units by Price Range 5 MLS Residential Activity 6 Economic Indicators Available in SELECTED Reports: 1.1 Housing Activity Summary by Submarket 1.2 History of Housing Activity (once a year) 2.2 Starts by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 2.3 Starts by Submarket, by Dwelling Type and by Intended Market Year-to-Date 2.4 Starts by Submarket and by Intended Market Current Month or Quarter 2.5 Starts by Submarket and by Intended Market Year-to-Date 3.2 Completions by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 3.3 Completions by Submarket, by Dwelling Type and by Intended Market Year-to-Date 3.4 Completions by Submarket and by Intended Market Current Month or Quarter 3.5 Completions by Submarket and by Intended Market Year-to-Date 4.1 Average Price ($) of Absorbed Single-Detached Units SYMBOLS n/a Not applicable * Totals may not add up due to co-operatives and unknown market types ** Percent change > 200% - Nil -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation 11

12 Table 1a: Housing Activity Summary of Kitchener-Cambridge-Waterloo CMA Ownership Rental Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row STARTS Q Q % Change -4.5 ** n/a Year-to-date , ,954 Year-to-date , ,815 % Change UNDER CONSTRUCTION Q ,037 2,110 Q ,682 % Change n/a COMPLETIONS Q Q % Change n/a n/a Year-to-date , ,535 Year-to-date , ,440 % Change ** n/a COMPLETED & NOT ABSORBED Q Q % Change n/a n/a n/a ABSORBED Q Q % Change n/a n/a Year-to-date , ,424 Year-to-date , ,311 % Change ** ** Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 12

13 Table 1b: Housing Activity Summary of Guelph CMA Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Q Q % Change n/a n/a -5.6 Year-to-date Year-to-date ,021 % Change n/a ** UNDER CONSTRUCTION Q Q % Change n/a ** 1.0 COMPLETIONS Q Q % Change n/a ** Year-to-date Year-to-date % Change ** ** COMPLETED & NOT ABSORBED Q Q % Change n/a ** n/a ABSORBED Q Q % Change n/a ** Year-to-date Year-to-date % Change ** ** Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 13

14 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Kitchener City Q Q Cambridge City Q Q North Dumfries Q Q Waterloo City Q Q Woolwich Q Q Kitchener-Cambridge-Waterloo CMA Q Q Guelph City Q Q Guelph/Eramosa Q Q Guelph CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 14

15 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row UNDER CONSTRUCTION Kitchener City Q Q Cambridge City Q Q North Dumfries Q Q Waterloo City Q Q Woolwich Q Q Kitchener-Cambridge-Waterloo CMA Q ,037 2,110 Q ,682 Guelph City Q Q Guelph/Eramosa Q Q Guelph CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 15

16 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row COMPLETIONS Kitchener City Q Q Cambridge City Q Q North Dumfries Q Q Waterloo City Q Q Woolwich Q Q Kitchener-Cambridge-Waterloo CMA Q Q Guelph City Q Q Guelph/Eramosa Q Q Guelph CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 16

17 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row COMPLETED & NOT ABSORBED Kitchener City Q Q Cambridge City Q Q North Dumfries Q Q Waterloo City Q Q Woolwich Q Q Kitchener-Cambridge-Waterloo CMA Q Q Guelph City Q Q Guelph/Eramosa Q Q Guelph CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 17

18 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row ABSORBED Kitchener City Q Q Cambridge City Q Q North Dumfries Q Q Waterloo City Q Q Woolwich Q Q Kitchener-Cambridge-Waterloo CMA Q Q Guelph City Q Q Guelph/Eramosa Q Q Guelph CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 18

19 Single Table 1.2a: History of Housing Starts Kitchener-Cambridge-Waterloo CMA Ownership Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row , ,954 % Change , ,815 % Change n/a , ,298 % Change ** , ,634 % Change n/a ** , ,740 % Change n/a ** n/a , ,599 % Change n/a , ,763 % Change ** , ,912 % Change ** ** n/a , ,955 % Change n/a ** , ,130 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 19

20 Single Table 1.2b: History of Housing Starts Freehold Semi Guelph CMA Ownership Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row % Change n/a ** ,021 % Change ** ** n/a n/a % Change n/a ,087 % Change n/a 26.9 ** n/a n/a % Change n/a n/a % Change n/a n/a % Change n/a ,420 % Change n/a n/a n/a % Change n/a 84.2 n/a n/a ,138 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 20

21 Table 2: Starts by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City ** Woolwich Guelph CMA Guelph City Guelph/Eramosa Submarket Table 2.1: Starts by Submarket and by Dwelling Type January - December Single Semi Row Apt. & Other Total % Change Kitchener-Cambridge-Waterloo 1,186 1, , ,954 2, Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA , Guelph City Guelph/Eramosa Source: CMHC (Starts and Completions Survey) 21

22 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by Intended Market Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Q Q Q Q Q Q Q Q Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - December 2011 Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Source: CMHC (Starts and Completions Survey) 22

23 Submarket Table 2.4: Starts by Submarket and by Intended Market Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Submarket Table 2.5: Starts by Submarket and by Intended Market January - December 2011 Freehold Condominium Rental Total* Kitchener-Cambridge-Waterloo 1,360 1, ,954 2,815 Kitchener City ,086 1,302 Cambridge City North Dumfries Waterloo City , Woolwich Guelph CMA ,021 Guelph City Guelph/Eramosa Source: CMHC (Starts and Completions Survey) 23

24 Table 3: Completions by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - December Single Semi Row Apt. & Other Total % Change Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Source: CMHC (Starts and Completions Survey) 24

25 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Q Q Q Q Q Q Q Q Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - December 2011 Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Source: CMHC (Starts and Completions Survey) 25

26 Submarket Table 3.4: Completions by Submarket and by Intended Market Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Kitchener-Cambridge-Waterloo Kitchener City Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Submarket Table 3.5: Completions by Submarket and by Intended Market January - December 2011 Freehold Condominium Rental Total* Kitchener-Cambridge-Waterloo 1,383 1, ,535 2,440 Kitchener City ,071 1,167 Cambridge City North Dumfries Waterloo City Woolwich Guelph CMA Guelph City Guelph/Eramosa Source: CMHC (Starts and Completions Survey) 26

27 Submarket Table 4: Absorbed Single-Detached Units by Price Range Price Ranges < $300,000 Units Share (%) $300,000 - $349,999 Share Units (%) $350,000 - $399,999 Share Units (%) $400,000 - $449,999 Share Units (%) $450,000 + Kitchener City Q , ,704 Q , ,024 Year-to-date , ,267 Year-to-date , ,675 Cambridge City Q , ,488 Q , ,669 Year-to-date , ,709 Year-to-date , ,230 North Dumfries Q , ,000 Q Year-to-date , ,429 Year-to-date , ,096 Waterloo City Q , ,863 Q , ,734 Year-to-date , ,235 Year-to-date , ,938 Woolwich Q , ,501 Q , ,667 Year-to-date , ,348 Year-to-date , ,660 Kitchener-Cambridge-Waterloo CMA Q , ,783 Q , ,308 Year-to-date , , ,169 Year-to-date , , ,811 Guelph City Q , ,112 Q , ,025 Year-to-date , ,909 Year-to-date , ,990 Guelph/Eramosa Q Q Year-to-date , ,197 Year-to-date , ,360 Guelph CMA Q , ,625 Q , ,919 Year-to-date , ,502 Year-to-date , ,227 Units Share (%) Total Median Price ($) Average Price ($) Source: CMHC (Market Absorption Survey) 27

28 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket Q Q % Change % Change Kitchener-Cambridge-Waterloo 423, , , , Kitchener City 452, , , , Cambridge City 385, , , , North Dumfries 415, n/a 397, , Waterloo City 447, , , , Woolwich 379, , , , Guelph CMA 438, , , , Guelph City 435, , , , Guelph/Eramosa n/a 499, , Source: CMHC (Market Absorption Survey) 28

29 Table 5a: MLS Residential Activity for Kitchener Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 New Listings SA 1 Sales-to- New Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA 2010 January , ,645 February , ,127 March ,182 1, , ,527 April , , ,967 May , , ,751 June , , ,767 July , ,552 August , ,821 September , ,855 October , ,383 November , ,994 December , , January , , ,808 February , ,319 March , , ,797 April , , ,969 May , , ,448 June , , ,354 July , ,792 August , ,413 September , ,311 October , ,760 November , ,630 December , ,907 Q , , , Q , , , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CMHC, adapted from MLS data supplied by CREA 29

30 Table 5b: MLS Residential Activity for Guelph Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 New Listings SA 1 Sales-to- New Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA 2010 January , ,203 February , ,577 March , ,234 April , ,378 May , ,801 June , ,865 July , ,212 August , ,858 September , ,323 October , ,688 November , ,745 December , , January , ,257 February , ,164 March , ,477 April , ,816 May , ,369 June , ,861 July , ,667 August , ,620 September , ,375 October , ,256 November , ,015 December , ,441 Q , Q , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CMHC, adapted from MLS data supplied by CREA 30

31 Table 5c: MLS Residential Activity for Cambridge Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 New Listings SA 1 Sales-to- New Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA 2010 January , ,865 February , ,314 March , ,629 April , ,737 May , ,981 June , ,157 July , ,945 August , ,537 September , ,786 October , ,153 November , ,508 December , , January , ,732 February , ,584 March , ,522 April , ,471 May , ,794 June , ,169 July , ,748 August , ,884 September , ,667 October , ,686 November , ,803 December , ,167 Q , Q , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CMHC, adapted from MLS data supplied by CREA 31

32 P & I Per $100,000 Table 6a: Economic Indicators Interest Rates NHPI, Total, Mortage Rates Kitchener- CPI, 2002 (%) Cambridge- =100 Waterloo (Ontario) 1 Yr. 5 Yr. CMA Term Term 2007=100 Employment SA (,000) Kitchener Labour Market Unemployment Rate (%) SA Participation Rate (%) SA Average Weekly Earnings ($) 2010 January February March April May June July August September October November December January February March April May June July August September October November December "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CMHC, adapted from Statistics Canada (CANSIM), Statistics Canada (CANSIM) 32

33 Table 6b: Economic Indicators Interest Rates Guelph Labour Market NHPI, CPI, 2002 Mortage Rates Total, P & I =100 Average (%) Ontario Employment Unemployment Participation Per (Ontario) Weekly 1 Yr. 5 Yr. 2007=100 SA (,000) Rate (%) SA Rate (%) SA $100,000 Earnings ($) Term Term 2010 January February March April May June July August September October November December January February March April May June July August September October November December "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CMHC, adapted from Statistics Canada (CANSIM), Statistics Canada (CANSIM) 33

34 Methodology Starts & Completions Survey Methodology The Starts and Completions Survey is conducted by way of site visits which are used to confirm that new units have reached set stages in the construction process. Since most municipalities in the country issue building permits, these are used as an indication of where construction is likely to take place. In areas where there are no permits, reliance has to be placed either on local sources or searching procedures. The Starts and Completions Survey is carried out monthly in urban areas with population in excess of 50,000, as defined by the 2006 Census. In urban areas with populations of 10,000 to 49,999, all Starts are enumerated in the last month of the quarter (i.e. four times a year, in March, June, September and December). In these centres with quarterly enumeration, Completion activity is modelled based on historical patterns. Monthly Starts and Completions activity in these quarterly locations are statistically estimated at a provincial level for single and multi categories. Centres with populations below 10,000 are enumerated on a sample basis, also in the last month of each quarter (i.e. four times a year, in March, June, September and December). The Starts and Completions Survey enumerates dwelling units in new structures only, designed for non-transient and year-round occupancy. Mobile homes are included in the surveys. A mobile home is a type of manufactured house that is completely assembled in a factory and then moved to a foundation before it is occupied. Trailers or any other movable dwelling (the larger often referred to as a mobile home) with no permanent foundation are excluded from the survey. Conversions and/or alterations within an existing structure are excluded from the surveys as are seasonal dwellings, such as: summer cottages, hunting and ski cabins, trailers and boat houses; and hostel accommodations, such as: hospitals, nursing homes, penal institutions, convents, monasteries, military and industrial camps, and collective types of accommodation such as: hotels, clubs, and lodging homes. Market Absorption Survey Methodology The Market Absorption Survey is carried out in conjunction with the Starts and Completions Survey in urban areas with populations in excess of 50,000. When a structure is recorded as completed, an update is also made as units are sold or rented. The dwellings are then enumerated each month until such time as full absorption occurs. STARTS AND COMPLETIONS SURVEY AND MARKET ABSORPTION SURVEY DEFINITIONS A dwelling unit, for purposes of the Starts and Completions Survey, is defined as a structurally separate set of self-contained living premises with a private entrance from outside the building or from a common hall, lobby, or stairway inside the building. Such an entrance must be one that can be used without passing through another separate dwelling unit. A start, for purposes of the Starts and Completions Survey, is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage where a basement will not be part of the structure. The number of units under construction as at the end of the period shown, takes into account certain adjustments which are necessary for various reasons. For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start. A completion, for purposes of the Starts and Completions Survey, is defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10 per cent of the proposed work remains to be done. The term absorbed means that a housing unit is no longer on the market (i.e. has been sold or rented). This usually happens when a binding contract is secured by a non-refundable deposit and has been signed by a qualified purchaser. The purpose of the Market Absorption Survey is to measure the rate at which units are sold or rented after they are completed, as well as collect prices. 34

35 DWELLING TYPES: A Single-Detached dwelling (also referred to as Single ) is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. Includes link homes, where two units may share a common basement wall but are separated above grade. Also includes cluster-single developments. A Semi-Detached (Double) dwelling (also referred to as Semi ) is one of two dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending from ground to roof. A Row (Townhouse) dwelling is a one family dwelling unit in a row of three or more attached dwellings separated by a common or party wall extending from ground to roof. The term Apartment and other includes all dwellings other than those described above, including structures commonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes. Intended market: The intended market is the tenure in which the unit is being marketed. This includes the following categories: Freehold: A residence where the owner owns the dwelling and lot outright. Condominium (including Strata-Titled): An individual dwelling which is privately owned, but where the building and/or the land are collectively owned by all dwelling unit owners. A condominium is a form of ownership rather than a type of house. Rental: Dwelling constructed for rental purposes regardless of who finances the structure. Geographical terms: A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent municipalities must have a high degree on integration with the central urban area, as measured by commuting flows derived from census place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions. A Rural area, for the purposes of this publication, is a centre with a population less than 10,000. All data presented in this publication is based on Statistics Canada s 2006 Census area definitions. 35

36 CMHC Home to Canadians (CMHC) has been Canada's national housing agency for more than 65 years. Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at You can also reach us by phone at or by fax at Outside Canada call or fax to supports the Government of Canada policy on access to information for people with disabilities. If you wish to obtain this publication in alternative formats, call The Market Analysis Centre s (MAC) electronic suite of national standardized products is available for free on CMHC s website. You can view, print, download or subscribe to future editions and get market information ed automatically to you the same day it is released. It s quick and convenient! Go to For more information on MAC and the wealth of housing market information available to you, visit us today at To subscribe to priced, printed editions of MAC publications, call All rights reserved. CMHC grants reasonable rights of use of this publication s content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions, and forecasts including the citation of limited amounts of supporting data extracted from this publication. Reasonable and limited rights of use are also permitted in commercial publications subject to the above criteria, and CMHC s right to request that such use be discontinued for any reason. Any use of the publication s content must include the source of the information, including statistical data, acknowledged as follows: Source: CMHC (or Adapted from CMHC, if appropriate), name of product, year and date of publication issue. Other than as outlined above, the content of the publication cannot be reproduced or transmitted to any person or, if acquired by an organization, to users outside the organization. Placing the publication, in whole or part, on a website accessible to the public or on any website accessible to persons not directly employed by the organization is not permitted. To use the content of any CMHC Market Analysis publication for any purpose other than the general reference purposes set out above or to request permission to reproduce large portions of, or entire CMHC Market Analysis publications, please contact: the Canadian Housing Information Centre (CHIC) at mailto:chic@cmhc.gc.ca; or For permission, please provide CHIC with the following information: Publication s name, year and date of issue. Without limiting the generality of the foregoing, no portion of the content may be translated from English or French into any other language without the prior written permission of. The information, analyses and opinions contained in this publication are based on various sources believed to be reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which or any of its employees shall incur responsibility. 36

37 Housing market intelligence you can count on FREE REPORTS AVAILABLE ON-LINE n Canadian Housing Statistics n Housing Information Monthly n Housing Market Outlook, Canada n Housing Market Outlook, Highlight Reports Canada and Regional n Housing Market Outlook, Major Centres n Housing Market Tables: Selected South Central Ontario Centres n Housing Now, Canada n Housing Now, Major Centres n Housing Now, Regional n Monthly Housing Statistics n Northern Housing Outlook Report n Preliminary Housing Start Data n Renovation and Home Purchase Report n Rental Market Provincial Highlight Reports Now semi-annual! n Rental Market Reports, Major Centres n Rental Market Statistics Now semi-annual! n Residential Construction Digest, Prairie Centres n Seniors Housing Reports CMHC s Market Analysis Centre e-reports provide a wealth of detailed local, provincial, regional and national market information. Forecasts and Analysis Future-oriented information about local, regional and national housing trends. Statistics and Data Information on current housing market activities starts, rents, vacancy rates and much more. Get the market intelligence you need today! Click to view, download or subscribe CANADIAN HOUSING OBSERVER, with a feature on Housing Finance National, regional and local in perspective with insightful online data resources, the Canadian Housing Observer presents a detailed annual review of housing conditions and trends in Canada. New this year is the launch of additional online interactive tables featuring housing data at the local level for more than 100 selected municipalities. Go to