Statistics Canada prioritizes bridging the gap major housing data

Major components that boost the real estate market have become the main priority of Statistics Canada and the data gap Ottawa has given about foreign investor’s ownership is no exception.
During an interview, Anil Arora spoke to The Globe and Mail about the challenges faced by the real estate market in regards to foreign ownership. The agency is also putting measure in place to keep track of all housing information most especially in the leading markets and also take a look at how they influence other upcoming markets.
Mr. Arora suggested that “It is of relevance that much consideration should be given towards analyzing the entire housing statistical setup and the causes of the disparities of home prices.
The agency’s evaluation came at a much need time when the housing market is going through a rough time. Over the past months, many factors have affected the housing many including the increasing home prices, foreign investor’s activities and the low oil prices.
However Ottawa had measures in place to put the situation under control. New policies were introduced to help reduce market risks and also introducing tougher laws for mortgages and primary residence capital gains exemption.
The federal government had also discovered that there was a huge discontinuity in regards to foreign investors in the housing market and had given $500,000 in the past for Statistic Canada to fill the space.
The agency is also trying to keep abreast on the latest market updates “On a more comprehensive basis that we can upkeep in years to come. The evaluation will not only be done on current home prices but also on prevailing inventories, condos, multifamily units. Although foreign investor’s participation in the market is of great importance, however, there are also other relevant aspects that should also be taken into consideration, “said Mr. Arora.
The agency is also going to update its housing data by keeping track of the housing prices which will throw light on the overall housing price inflation.
But in terms of information gap, the housing market is not the only culprit of this situation, Statistic Canada so pointed out other key areas that were lacking in economic information. Some of them include the impacts of globalization on Canada, to be precise, the impacts of Canadian companies abroad and also foreign investors in Canada. This implies that much research is to be done on the role of Canadian companies out of the country and the effects they have on employment and also contribute to the growth of the country.
Concerns in regards to aboriginal youth, seniors and refugees were also highlighted by Mr. Arora.