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Canadian Housing Observer coles notes

General Angela Calla 17 Nov

*CMHC released its 2009 Canadian Housing Observer yesterday.
*Most of its findings are dated back to year-end 2008, but it contains some interesting tidbits nonetheless.
*One key takeaway is the massive importance of Canada’s real estate industry. It’s a point that can’t be overemphasized, with housing-related spending accounting for one fifth of our economy.
*CMHC’s report says that as of December 31st, 2008, there were $903 billion worth of mortgages outstanding in Canada.
*Canadians say their top three financial priorities are retirement savings (50%), homeownership (47%) and regular payments to reduce or eliminate debt (41%), but not everyone puts their money where their priorities are, according to results released today for the RBC Financial Priorities Poll.
*Nearly half of Canadians with homeownership as a priority (47%) don’t put money towards it. Four-in-ten of those with retirement savings as a priority don’t put money towards this goal. Canadians were more successful with their debt reduction, with eight-in-ten putting money toward this priority.