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Canadian housing market moves from moderate to high degree of vulnerability: CMHC – CP24 Toronto's Breaking News

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Tara Deschamps, The Canadian Press


Published Tuesday, September 28, 2021 11:18AM EDT


Last Updated Tuesday, September 28, 2021 11:18AM EDT

TORONTO — Canada Mortgage and Housing Corp. says the country’s housing sector moved from a moderate to high degree of vulnerability during the second quarter, with Toronto, Ottawa and Montreal among the markets shouldering the most risks.

The federal housing agency attributed the escalation in vulnerability to price acceleration and overvaluations across the country and said the shift was largely a reflection of intensified and persistent imbalances in several local housing markets across Ontario and Eastern Canada.

“Even though we’ve seen a little bit of a moderation in some of the housing market statistics in the third quarter, when looking at the second quarter results … activity was still much stronger than even it is today,” said Bob Duggan, CMHC’s chief economist.

“Housing market activity is very strong, price growth is still very strong and price levels are very high.”

Duggan and CMHC’s quarterly assessment released Tuesday assigns low, moderate or high vulnerability ratings to the entire country and 15 major cities based on four factors — overheating, price acceleration, overvaluation and excess inventories.

If those factors become imbalanced or risks increase in several areas at once, the agency posits that markets could be more vulnerable to troubles and people could begin struggling with their mortgages.

CMHC’s second-quarter assessment of the Canadian market found moderate degrees of vulnerability, when it examined the country’s risks of overheating, price acceleration and overvaluation.

It found a low level of vulnerability linked to the country’s excess inventories rate, but still gave the country a “high” vulnerability ranking overall.

In the two prior quarters, Canada’s housing market landed a “moderate” degree of vulnerability, but Duggan warned of pressure from rural areas like Ontario’s cottage country and the Niagara, Bancroft and North Bay regions, which don’t receive vulnerability ratings but contribute to the national analysis.

“A lot of the movement of people has been from some of the major urban centres to outside the major urban centres and some of the strongest price growth earlier this year was really experienced in smaller … and rural communities,” Duggan said Tuesday.

CMHC’s individual market assessments for the second quarter showed Toronto, Hamilton, Ottawa, Montreal, Moncton and Halifax have high degrees of vulnerability.

All of those markets were ranked high in the prior quarter, except for Montreal, which was previously assessed as moderate and is seeing overvaluation becoming a more pressing issue.

CMHC kept Victoria, Edmonton and Calgary at the moderate level they were at before, while Vancouver, Saskatoon, Regina, Winnipeg and Quebec City were assessed as having low degrees of vulnerability.

The low ranking was new for Vancouver, which was previously said to have a moderate vulnerability level.

This report by The Canadian Press was first published Sept. 28, 2021.

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RCMP arrest second suspect in deadly shooting east of Calgary

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EDMONTON – RCMP say a second suspect has been arrested in the killing of an Alberta county worker.

Mounties say 28-year-old Elijah Strawberry was taken into custody Friday at a house on O’Chiese First Nation.

Colin Hough, a worker with Rocky View County, was shot and killed while on the job on a rural road east of Calgary on Aug. 6.

Another man who worked for Fortis Alberta was shot and wounded, and RCMP said the suspects fled in a Rocky View County work truck.

Police later arrested Arthur Wayne Penner, 35, and charged him with first-degree murder and attempted murder, and a warrant was issued for Strawberry’s arrest.

RCMP also said there was a $10,000 reward for information leading to the arrest of Strawberry, describing him as armed and dangerous.

Chief Supt. Roberta McKale, told a news conference in Edmonton that officers had received tips and information over the last few weeks.

“I don’t know of many members that when were stopped, fuelling up our vehicles, we weren’t keeping an eye out, looking for him,” she said.

But officers had been investigating other cases when they found Strawberry.

“Our investigators were in O’Chiese First Nation at a residence on another matter and the major crimes unit was there working another file and ended up locating him hiding in the residence,” McKale said.

While an investigation is still underway, RCMP say they’re confident both suspects in the case are in police custody.

This report by The Canadian Press was first published Sept. 13, 2024.

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26-year-old son is accused of his father’s murder on B.C.’s Sunshine Coast

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RICHMOND, B.C. – The Integrated Homicide Investigation Team says the 26-year-old son of a man found dead on British Columbia’s Sunshine Coast has been charged with his murder.

Police say 58-year-old Henry Doyle was found badly injured on a forest service road in Egmont last September and died of his injuries.

The homicide team took over when the BC Coroners Service said the man’s death was suspicious.

It says in a statement that the BC Prosecution Service has approved one count of first-degree murder against the man’s son, Jackson Doyle.

Police say the accused will remain in custody until at least his next court appearance.

The homicide team says investigators remained committed to solving the case with the help of the community of Egmont, the RCMP on the Sunshine Coast and in Richmond, and the Vancouver Police Department.

This report by The Canadian Press was first published Sept. 13, 2024.

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Metro Vancouver’s HandyDART strike continues after talks break with no deal

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VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, have broken off without an agreement following 15 hours of talks.

Joe McCann, president of Amalgamated Transit Union Local 1724, says they stayed at the bargaining table with help from a mediator until 2 a.m. Friday and made “some progress.”

However, he says the union negotiators didn’t get an offer that they could recommend to the membership.

McCann says that in some ways they are close to an agreement, but in other areas they are “miles apart.”

About 600 employees of the door-to-door transit service for people who can’t navigate the conventional transit system have been on strike since last week, pausing service for all but essential medical trips.

McCann asks HandyDART users to be “patient,” since they are trying to get not only a fair contract for workers but also a better service for customers.

He says it’s unclear when the talks will resume, but he hopes next week at the latest.

The employer, Transdev, didn’t reply to an interview request before publication.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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