Overall housing market no longer highly vulnerable after prices ease

A new report out by the Canada Mortgage and Housing Corporation says the country’s housing market has moved from ‘highly vulnerable’ to ‘moderate’.

This comes after 10 consecutive quarters at the highly vulnerable rating by the federal agency, but they say some cities are still at elevated risk.  They include Vancouver, Victoria, Toronto and Hamilton. They say price acceleration cooled after the federal government’s higher mortgage stress tests came into effect last year, making it harder to qualify for a mortgage.

Also just released are housing stats for Hamilton and surrounding areas. The average price for a detached home in Hamilton now sits at $575 000, Burlington at $940 000, Haldimand at $450 000, and Niagara at $640 000.

There was also a 6% increase in home sales this April in the region, compared to last year.