CMHC Stats

New CMHC stats show housing starts are down and suggest that the housing sector will not be a factor in economic recovery. The drop is explained in part by higher interest rates and stiffer mortgage qualification requirements.
Interesting discussion is included around an independent report that talks of the potential for a housing bubble in several urban markets. It also points out that historically "house prices have tended to hover within a narrow range of between 3 and 4 times the annual median income" but that currently they are from 4.7 to 11.3 that amount.