La valeur de réalisation réelle de votre propriété est
comme tout autre type d’investissement. Il est nécessaire de la contrôler. Tous
les propriétaires devraient faire évaluer cet avoir propre une fois l’an. Le
moment idéal ne serait-il pas maintenant?
The equity in your home is like any other investment. It needs to be
monitored. All homeowners should have their
equity evaluated once a year. Now may be the perfect time.
Prices of some Canadian homes are certainly too high, but there is no
immediate catastrophe looming for the country’s housing market, the
head of Canada Mortgage and Housing Corp. suggested in a speech Friday.
Siddall, who has been the CEO of CMHC since January, was speaking at a
conference in Montreal held by the Global Risk Institute.
Here are the key points that Canadian homeowners and financial players should take away from his remarks:
1. CMHC isn’t “overly” worried about a housing bubble right now – but that comes with two caveats.
has a tool, which it calls the Housing Price Analysis and Assessment
framework, that it uses to gauge the housing market. The framework takes
into account (a) overheating of demand in the market, (b) acceleration
in prices, (c) overvaluation in prices, and (d) overbuilding. (CMHC
intends to make the framework publicly available at some point.) At the
moment, the framework shows that “despite some overvaluation, there are
no immediate problematic housing market conditions at the national
level,” Mr. Siddall said. “Our educated opinion is that growth in house
prices in Canada will moderate,” he added.
One caveat, however, is
that CMHC’s assessment is based on what it knows, and Mr. Siddall is
the first to admit that some important pieces of information are
missing. (For more on this topic, see “CMHC looks to fill research gaps on housing market” or “Missing Numbers.”) To deal with that problem, CMHC has created a “data gaps” working group.
second caveat, Mr. Siddall pointed out, is that the framework is “based
on the assumption that the world of the future will unfold like the
world of the past … (and it) cannot capture market conditions that may
2. CMHC is still looking at having banks shoulder more of the risk from mortgage defaults.
Siddall reiterated his views on this subject. He told the Globe and
Mail’s editorial board in June that a deductible for mortgage insurance
is a “pretty good idea.” The mortgage insurance that CMHC and its two
competitors sell repays banks when consumers default on their mortgages.
At the moment it makes the banks whole. The OECD has called for changes
to the system to ensure that lenders take on more of the risk. In other
countries with mortgage insurance, the product tends to only cover 10
to 30 per cent of the losses. In his speech, Mr. Siddall said that CMHC
is evaluating “risk-sharing with lenders to further confront moral
hazard” and is advising the government about its thoughts.
3. CMHC is considering what it could do to take some steam out of the market if house price growth remains strong or picks up.
would likely advise Ottawa about actions it believes would be wise,
rather than taking action itself, and the ultimate decision would be up
to the Finance Minister. Any moves could be similar to the mortgage
insurance rule changes the government has imposed four times since 2008
to tighten the market. (The most recent changes, in July 2012, included
cutting the maximum amortization on insured mortgages to 25 years from
30.) However, Mr. Siddall said further moves would only be necessary, in
his opinion, if CMHC is wrong about house prices. (See #1 above: He
expects prices to moderate, not rise).
4. CMHC may start to publish the results of its stress tests.
institutions go through numerous stress tests, often at the request of
regulators, to see what would happen to their portfolios in various
“We are actively considering the merits
of publishing our stress testing results to gain insights from others
and better inform Canadians about CMHC,” Mr. Siddall said. “For now, I
am pleased to report that our stress testing confirms that CMHC would
survive a 2008-2009 U.S.-type housing and financial crisis, if that were
to occur in Canada. Further, our analysis suggests that we have
sufficient capital to withstand a severe and prolonged economic
Diane Laflamme is a professional realtor who sells homes primaily but not exclusively in the towns of Hudson, Saint Lazare, Rigaud and Vaudreuil-Dorion just off the western tip of Montreal Island.
Her familiarity with the Montreal market and the above-mentioned communities serves her clients well. Whether working with buyers or sellers, she applies her expertise and market knowledge to satisfy their expectations and conclude the sale. She is a detail-oriented real estate agent who strives to please her clients.
Known for their honesty and integrity, Diane and her husband Paul are full-time realtors who are well known, not only for their work, but for their contributions as volunteers through the years. The Hudson Firemen's Auction, the Hudson Street Fair, Nova, the Hudson Garden Club, the Hudson Yacht Club are only a few of the organizations to benefit from their time and help.
Repeat business from satisfied customers is the cornerstone of their commitment to be the best that they can be. Their aim is to help their clients move on to a better future!