A lack of data is making it difficult for experts to predict what may happen with the Canadian property market.While some analysts have been predicting a correction in the market for some time, so far it hasn’t happened. Official data only tells part of the story and to make realistic and accurate predictions experts are calling for information such as the level of mortgage debt to household income and stats on high-risk loans.
There are concerns that data from official sources is often from those with a remit to put a healthy slant on figures and also that the releases come many weeks after the fact. Although the CMHC is now issuing more data, StatsCan is cutting back and banks and other institutions often keep the information for themselves.
The consensus among experts is that we need more detailed data about more aspects of the economy and housing market; but who’s going to supply it?
