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(13,	'text',	2,	'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:576:\"<p class=\"feature\"><span class=\"green\">Come get a taste Vancouver&#39;s backyard! Whether you want to join us for an amazing day out in the Fraser Valley wine country, or make some new friends from around the world on a brewery tour through the city, we are more than hoppy to be your behind-the-scene guides!</span></p>\r\n\r\n<p>With Vine &amp; Hops you will meet the local producers, taste plenty of craft beer or wine, learn a thing or two, and surprises could be waiting for you around any corner...Trivia and a game of bocce ball anyone? &nbsp;&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 04:17:02\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:29:29\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-11 04:17:02',	'2014-08-13 16:29:29',	5),
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(15,	'text',	8,	'a:10:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:300:\"<form action=\"contact\" class=\"form\" method=\"POST\"><label>Name</label> <input name=\"name\" type=\"text\" /><label>Email Address</label><input name=\"email\" type=\"email\" /><label>Inquiry</label><textarea name=\"inquiry\"></textarea>\r\n\r\n<div class=\"text-right\"><button type=\"submit\">Send</button></div></form>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 00:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-11 19:06:51\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-11 00:55:46',	'2014-08-11 19:06:51',	5),
(16,	'text',	8,	'a:10:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:300:\"<form action=\"contact\" class=\"form\" method=\"POST\"><label>Name</label> <input name=\"name\" type=\"text\" /><label>Email Address</label><input name=\"email\" type=\"email\" /><label>Inquiry</label><textarea name=\"inquiry\"></textarea>\r\n<div class=\"text-right\"><button type=\"submit\">Send</button></div>\r\n</form>\";s:11:\"style_class\";s:1:\"2\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 18:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:55:52\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 18:55:46',	'2014-08-13 16:55:52',	5),
(17,	'profile',	2,	'a:11:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:13:\"Jayden Grundy\";s:5:\"image\";s:55:\"/upload/profile/2/ce29915b9216/jayden-profile-photo.jpg\";s:7:\"content\";s:488:\"<p>Jayden is passionate about local craft beer. If he&#39;s not travelling around the world on a charity-driven expedition, you can find him making friends, brewing beer or enjoying a fresh pint in one of the many craft breweries in Vancouver. Through numerous philanthropic events he&#39;s organized, Jayden has discovered a talent for producing unforgettable events. He has been in the tourism industry for the past decade and he loves to show people a great time wherever he goes!</p>\";s:5:\"facts\";s:256:\"<p><strong>Favourite Beer</strong> I love most colours of the rainbow, but for this summer; IPA, Sessionals and Saisons are hitting the spot!</p>\r\n\r\n<p><strong>Favourite Wines</strong> Whites all day long&hellip; especially a well balanced Chardonnay.</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 16:46:18\";s:12:\"cms_modified\";s:19:\"2014-08-11 16:46:18\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-11 16:46:18',	'2014-08-11 16:46:18',	5),
(18,	'text',	4,	'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:5:\"Tours\";s:7:\"content\";s:677:\"<h3>Public Tours</h3>\r\n\r\n<p><strong>3 Hour Brewery Tours</strong><br />\r\nVancouver &nbsp;| &nbsp;Every Friday and Saturday</p>\r\n\r\n<p><strong>6 Hour Wine Tours</strong><br />\r\nFraser Valley &nbsp;| &nbsp;Every Sunday</p>\r\n\r\n<h3>Private Tours</h3>\r\n\r\n<p>Vine &amp; Hops is so excited to create a curated, customized day out for up to 13 people. Just tell us what would make your tasting experience unforgettable and we will make it happen. We offer add-ons to your day.&nbsp;<br />\r\nThink: catered meals with pairings, local musicians, games etc. Bring on the fun!</p>\r\n\r\n<p class=\"feature\">For booking information, please <a href=\"mailto:info@vineandhops.ca\">contact us</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 18:42:10\";s:12:\"cms_modified\";s:19:\"2014-08-11 18:42:10\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-11 18:42:10',	'2014-08-11 18:42:10',	5),
(19,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:408:\"<p class=\"feature\">Vine &amp; Hops hosts <em><strong>unique</strong></em> wine and craft beer tours, pairing you with a customized, <em><strong>behind-the-scenes</strong></em> tasting experience</p>\r\n\r\n<p>Explore Vancouver&#39;s backyard and connect to a wide array of sights, smells and tastes from the flourishing local wine and craft beer culture in and around British Columbia. <em>See you soon!</em></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 03:36:54\";s:12:\"cms_modified\";s:19:\"2014-08-11 19:42:25\";s:20:\"cms_modified_by_user\";s:1:\"4\";}',	0,	'2014-08-11 03:36:54',	'2014-08-11 19:42:25',	2),
(20,	'text',	2,	'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:576:\"<p class=\"feature\"><span class=\"green\">Come get a taste Vancouver&#39;s backyard! Whether you want to join us for an amazing day out in the Fraser Valley wine country, or make some new friends from around the world on a brewery tour through the city, we are more than hoppy to be your behind-the-scene guides!</span></p>\r\n\r\n<p>With Vine &amp; Hops you will meet the local producers, taste plenty of craft beer or wine, learn a thing or two, and surprises could be waiting for you around any corner...Trivia and a game of bocce ball anyone? &nbsp;&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 22:17:02\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:32:34\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 22:17:02',	'2014-08-13 16:32:34',	5),
(21,	'text',	2,	'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:1610:\"<p>Drumstick cow pancetta strip steak swine.  Andouille sirloin fatback brisket, meatball sausage chuck meatloaf turkey prosciutto tongue.  Brisket ground round shank beef ribs chicken pork chop.  Cow filet mignon biltong ribeye kielbasa ground round pork loin flank tail sirloin chuck swine turducken short ribs corned beef.  Doner salami biltong tail kielbasa boudin short loin bresaola porchetta ground round spare ribs pancetta ham meatball corned beef.</p><p>Tail chuck fatback, filet mignon ham hock doner landjaeger jowl meatloaf t-bone pastrami pig corned beef pork loin jerky.  Bacon brisket shank turkey filet mignon ribeye tail rump andouille shoulder beef ribs sausage.  Ball tip short ribs biltong pig turducken.  Doner chuck drumstick jowl ball tip short ribs filet mignon venison brisket boudin kielbasa shankle pancetta turkey beef.  Cow shoulder pork chop tri-tip biltong turducken ground round prosciutto.  Frankfurter short ribs bresaola meatloaf pancetta, salami tongue flank leberkas tail pastrami beef jowl.</p><p>Brisket pork chop ball tip, drumstick salami strip steak meatball corned beef meatloaf biltong hamburger jowl flank.  Tongue turkey prosciutto ham venison frankfurter.  Pastrami shoulder tri-tip pancetta andouille hamburger landjaeger tail chicken turducken kevin frankfurter drumstick.  Doner short ribs fatback jerky, tongue boudin pig pastrami tail tenderloin strip steak capicola.  Pork turducken shankle turkey fatback pancetta.  Tenderloin tail leberkas turducken andouille jowl prosciutto chicken sirloin.  Tenderloin spare ribs landjaeger short ribs flank shank.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 16:17:02\";s:12:\"cms_modified\";s:19:\"2014-09-10 12:01:30\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 16:17:02',	'2014-09-10 12:01:30',	5),
(22,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:2240:\"<p>Bacon ipsum dolor sit amet bacon ball tip fatback, pork loin ground round ribeye ham hock landjaeger capicola flank doner frankfurter drumstick cow.  Doner ground round jowl swine tri-tip venison shankle shank jerky chuck pork chop drumstick short loin sausage.  Hamburger pork pig ball tip.  Hamburger meatloaf jowl bresaola tri-tip.  Brisket shoulder hamburger sausage andouille.  Pork venison rump brisket ham hock prosciutto pork loin shoulder beef ribs capicola bresaola cow meatball jowl shank.  T-bone ground round doner beef ribs tail sausage.</p><p>Short ribs pig drumstick, chuck pork belly shoulder strip steak.  Short ribs bacon pork, spare ribs leberkas ham pancetta ham hock short loin.  Ham ribeye short ribs, jerky short loin flank shankle.  Drumstick sausage landjaeger, boudin strip steak ball tip corned beef pork chop capicola chicken short loin beef porchetta.</p><p>Drumstick rump landjaeger t-bone strip steak sirloin, short loin tail.  Landjaeger capicola shoulder sausage, bacon tail kielbasa meatloaf.  Short ribs drumstick flank short loin venison shank beef ribs.  Kevin short ribs tail, spare ribs sausage pancetta sirloin.  Meatloaf capicola corned beef pork belly sausage.</p><p>Boudin brisket bacon beef ribs shank leberkas capicola short ribs fatback pancetta t-bone chicken pork chop.  Shank tri-tip tail, filet mignon ribeye ham hock pastrami doner swine turkey kevin chuck pork chop.  Hamburger short ribs tenderloin ribeye pork chop t-bone doner frankfurter pig.  Shoulder corned beef ribeye, pork chop turducken hamburger tenderloin prosciutto turkey pancetta pork belly t-bone brisket shank.  Brisket venison short loin jowl pig ribeye chuck doner hamburger leberkas swine pork loin ball tip pancetta landjaeger.  Landjaeger tri-tip pork chop, sausage drumstick chicken shoulder swine frankfurter.  Beef sausage shankle fatback kevin, bresaola sirloin tenderloin.</p><p>Landjaeger pig beef doner, short ribs pancetta beef ribs strip steak t-bone pork pork chop ground round.  Drumstick short ribs ribeye, biltong bresaola meatball pork belly pork loin.  Shoulder landjaeger bresaola ham hock turducken ham kielbasa leberkas chicken.  Cow ball tip capicola, meatball pancetta sirloin landjaeger.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 21:36:54\";s:12:\"cms_modified\";s:19:\"2014-09-10 12:00:41\";s:20:\"cms_modified_by_user\";s:1:\"4\";}',	0,	'2014-08-10 21:36:54',	'2014-09-10 12:00:41',	5),
(23,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:950:\"<p>&nbsp;</p>\r\n\r\n<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p>nterchange was originally developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 15:36:54\";s:12:\"cms_modified\";s:19:\"2014-10-06 14:27:39\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 15:36:54',	'2014-10-06 14:27:39',	5),
(24,	'body_image',	4,	'a:15:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:31:\"tumblr_ne7s39hXyQ1sfie3io1_1280\";s:11:\"small_image\";s:0:\"\";s:11:\"large_image\";s:0:\"\";s:3:\"alt\";s:0:\"\";s:5:\"align\";s:7:\"default\";s:4:\"link\";s:0:\"\";s:6:\"popout\";s:1:\"0\";s:11:\"description\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 13:49:44\";s:12:\"cms_modified\";s:19:\"2014-11-24 13:49:44\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 13:49:44',	'2014-11-24 13:49:44',	5),
(25,	'body_image',	5,	'a:15:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:31:\"tumblr_ndlwzgeO771sfie3io1_1280\";s:11:\"small_image\";s:69:\"/upload/body_image/5/4e903de5d022/tumblr_ndlwzgeo771sfie3io1_1280.jpg\";s:11:\"large_image\";s:0:\"\";s:3:\"alt\";s:0:\"\";s:5:\"align\";s:7:\"default\";s:4:\"link\";s:0:\"\";s:6:\"popout\";s:1:\"0\";s:11:\"description\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 13:58:59\";s:12:\"cms_modified\";s:19:\"2014-11-24 13:58:59\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 13:58:59',	'2014-11-24 13:58:59',	5),
(26,	'text',	8,	'a:10:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:23:\"<p>{{contact_form}}</p>\";s:11:\"style_class\";s:1:\"2\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 12:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:59:21\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 12:55:46',	'2014-08-13 16:59:21',	5),
(27,	'news_item',	1,	'a:12:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:20:\"Announcing a feature\";s:12:\"release_date\";s:19:\"2014-09-10 13:00:00\";s:11:\"description\";s:30:\"<p>This is the description</p>\";s:10:\"link_title\";s:4:\"Test\";s:4:\"link\";s:20:\"http://www.google.ca\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 16:45:49\";s:12:\"cms_modified\";s:19:\"2014-09-10 16:45:49\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-09-10 16:45:49',	'2014-09-10 16:45:49',	5),
(28,	'news_item',	2,	'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:12:\"release_date\";s:19:\"2014-11-19 00:00:00\";s:11:\"description\";s:0:\"\";s:10:\"link_title\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:4:\"link\";s:45:\"http://www.nme.com/news/various-artists/81303\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 15:17:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:17:05\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 15:17:05',	'2014-11-24 15:17:05',	5),
(29,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 00:00:00\";s:11:\"description\";s:26973:\"<div class=\"news_photo news_thumbs\" style=\"float:left\">\r\n<a href=\"images/news_picupload/pic_sid31724-0-norm.jpg\" rel=\"imageviewer[sid31724]\"><img src=\"images/news_picupload/pic_sid31724-0-thumb2.jpg\" alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \"></a>\r\n</div>\r\n<div class=\"news_hometext\">\r\n<p>\r\n</p>\r\n</div>\r\n<p><strong>OTTAWA, November 24, 2014</strong> — Results from Canada\r\nMortgage and Housing Corporation’s (CMHC) House Price Analysis and\r\nAssessment (HPAA) framework were released today indicating that overall,\r\nhousing markets in Canada remain broadly consistent with underlying\r\ndemographic and economic factors such as employment and interest rates.\r\nNevertheless, a modest amount of overvaluation is observed, meaning that\r\nhouse prices are slightly higher than what the underlying factors would\r\nsuggest. </p>\r\n<p>“CMHC is committed to expanding the availability of information about\r\nCanada’s housing markets. This knowledge will ultimately contribute to a\r\nstronger housing finance system,â€ said Evan Siddall, President and\r\nChief Executive Officer of CMHC. “The HPAA adds to CMHC’s efforts to\r\nidentify, and where appropriate, fill significant data and information\r\ngaps.â€</p>\r\n<p>The HPAA is a comprehensive framework that is designed to assess\r\nhousing market conditions by taking into consideration the economic,\r\nfinancial and demographic drivers of housing markets. The use of\r\nmultiple indicators of housing conditions, which incorporate various\r\ndata sources and prices measures, provides a robust picture of overall\r\nhousing market conditions. The results released today include those for\r\nthe national market as well as 8 Census Metropolitan Areas (CMAs) —\r\nVancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Québec and\r\nHalifax.</p>\r\n<p>“At the national level, other than a modest amount of overvaluation,\r\nwe do not detect the presence of other risk factors such as overheating,\r\nprice acceleration, and overbuilding,â€ said Bob Dugan, CMHC’s Chief\r\nEconomist. “Risk of overvaluation is most evident in Montreal and\r\nQuebec, but the trend is improving. A modest risk of overvaluation is\r\nalso present in Toronto, Calgary and Halifax. Across the 8 CMAs\r\nexamined, there is no overheating or acceleration.â€</p>\r\n<p>“There is however a cautionary note with respect to overbuilding in\r\nToronto and Montreal. The number of units under construction is elevated\r\nin these centres. This could develop into overbuilding if these units\r\nare completed but not sold. To mitigate this risk, builders will need to\r\nhit the appropriate balance in channeling new demand between units that\r\nare currently under construction but not sold and units that are in the\r\nplanning stage,â€ noted Mr. Dugan. </p>\r\n<p>Additional information and results for the 8 CMAs are available in\r\nthe attached backgrounder. As well, the full text of this article is\r\navailable in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now — Canada</em> <em>Edition</em></a>.</p>\r\n<p>This is the first phase of information being released as part of the\r\nHPAA Framework. Additional, market-specific analysis will be released as\r\navailable, with future reporting taking place on a semi-annual basis\r\nstarting in Q1 and Q3 of 2015. Updates will also be available as part of\r\nCMHC’s Housing Market Outlook which will be published in Q2 and Q4 in\r\n2015. </p>\r\n<p>As Canada’s authority on housing, CMHC continually works to increase\r\nthe amount of available data and analysis on the housing market. </p>\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians\r\naccess a variety of high quality, environmentally sustainable and\r\naffordable housing solutions. CMHC also provides reliable, impartial and\r\nup-to-date housing market reports, analysis and knowledge to support\r\nand assist consumers and the housing industry in making informed\r\ndecisions.</p>\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>. </p>\r\n<h2>Backgrounder </h2>\r\n<p>CMHC’s HPAA framework assesses housing market conditions and\r\nconsiders the incidence, intensity and persistence of four main risk\r\nfactors that may provide an early indication of the potential for a\r\nsharp decline in house prices. </p>\r\n<ol>\r\n<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply </li>\r\n<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity </li>\r\n<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity </li>\r\n<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure. </li>\r\n</ol>\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail. </p>\r\n<h2>HPAA Results</h2>\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of\r\novervaluation because a relatively limited number of fundamental\r\neconomic, financial and demographic factors in these centres are at\r\nlevels below those that we estimate as consistent with observed price\r\ngrowth. </p>\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is\r\nthat real personal disposable income has not been increasing as fast as\r\ngrowth in house prices in recent years. However, since early 2014,\r\nincome has increased and population growth in the 25 to 35 year-old\r\ncohort (which is an important source of first-time homebuyers) is\r\ntrending up, which are two developments that are supportive of housing\r\ndemand. In addition, house price growth in Toronto has been moderating\r\nsince late 2013. So far in 2014, Improving employment and demographic\r\nconditions, combined with moderation in price growth, is reflected in a\r\nmoderate risk of overvaluation for this CMA.</p>\r\n<p>Similarly, strong overall population growth in Calgary, including\r\ngrowth of the 25 to 35 year-old cohort, has partly offset the impact of\r\nlittle growth in personal disposable income in recent years. This\r\npositive demographic impact supports a moderate risk of overvaluation\r\nfor Calgary.</p>\r\n<p>Halifax presents a different scenario. Despite essentially flat home\r\nprice growth, a moderate risk of overvaluation is detected due to a\r\ndecrease in the borrowing capacity of households as a result of higher\r\ninflation-adjusted mortgage rates in late 2013. However, the risk of\r\novervaluation has moderated in 2014 as a result of decreases in mortgage\r\nrates combined with stronger growth in the 25 to 35 year-old\r\npopulation.</p>\r\n<p>Montréal and Québec are assessed as having a moderate overall risk.\r\nThis reflects the fact that a relatively large number of economic,\r\nfinancial and demographic factors in these centres are currently at\r\nlevels below those that we estimate as consistent with observed price\r\ngrowth. </p>\r\n<p>In both Montréal and Québec, the risk of overvaluation reflects\r\ndecreasing growth in the 25-to-35 year olds since 2012, as well as the\r\nfact that personal disposable income growth has not kept pace with the\r\ngrowth of house prices in these two centres since the early 2000s. </p>\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these\r\nfundamental demographic and economic drivers of housing demand have not\r\nyet “turned the cornerâ€ in Montréal and Québec, while offsetting\r\npositive developments (in particular, declining mortgage rates in early\r\n2014) have not compensated. Consequently, a relatively high risk of\r\novervaluation is assessed in Montréal and Québec. </p>\r\n<table class=\"DataTable hpaaTable1\"><caption>\r\nTable 1: Overall housing market assessment for Canada’s major centres\r\n</caption>\r\n<thead><tr><th>HPAA Risks Factors</th>\r\n<th colspan=\"2\">Current Overall Assessment</th>\r\n<th class=\"THRotated\"><span>Overheating</span></th>\r\n<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n</tr></thead><tbody><tr><th>National</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — At the national level, modest\r\novervaluation is observed meaning house prices are slightly higher than\r\nlevels consistent with personal disposable income and population growth.\r\nOverheating, acceleration in house prices and overbuilding are not a\r\nconcern at this time.</td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" alt=\"Moderate risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"35\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Vancouver</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — The level of home prices in Vancouver is\r\nsupported by local growth in personal disposable income and long-term\r\npopulation growth. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Calgary</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — Overvaluation in Calgary reflects the\r\ncombination of strong growth in house prices and modest gains in\r\npersonal disposable income. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" alt=\"Moderate risk / Increased\" height=\"24\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Edmonton</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — While price growth in Edmonton has\r\nincreased slightly since 2011, price increases remain in line with\r\ngrowth in the population of first-time homebuyers and growth in personal\r\ndisposable income. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Toronto</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" alt=\"Moderate risk\" height=\"18\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Moderate Risk</strong> — Overvaluation in Toronto is due to\r\nsteady price growth that has not quite been matched by growth in\r\npersonal disposable income. The level of completed and unabsorbed units\r\nand the rental vacancy rate are both below their respective historical\r\naverages. However, the level of units under construction relative to\r\npopulation is near historical peaks — inventories need to be managed. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" alt=\"Moderate risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"35\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" alt=\"Low risk / Increased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n</tr><tr><th>Ottawa</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — House prices in Ottawa are in line with population growth and growth in personal disposable income. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Montréal</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" alt=\"Moderate risk\" height=\"18\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Moderate Risk</strong> — In Montreal, overvaluation reflects\r\nslower growth in the pool of first time home buyers since 2012,\r\nimpacting demand, combined with house price growth that has generally\r\nexceeded growth in personal disposable income since 2004. The level of\r\ncompleted and unabsorbed units is close to its average but the level of\r\nunits under construction relative to population is near a historical\r\npeak — inventories need to be managed. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" alt=\"Low risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" alt=\"High risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" alt=\"Low risk / Increased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n</tr><tr><th>Québec</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" alt=\"Moderate risk\" height=\"18\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Moderate Risk</strong> — In Québec, overvaluation reflects\r\nslower growth in the pool of first time home buyers since 2012,\r\nimpacting demand, combined with house price growth that has generally\r\nexceeded growth in personal disposable income since the early 2000s. The\r\nsupply in the new home market relative to population is elevated but\r\nremains within historical norms. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" alt=\"High risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" alt=\"Low risk / Increased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n</tr><tr><th>Halifax</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — In Halifax, despite essentially flat\r\nhome price growth overvaluation is detected due to a decrease in the\r\nborrowing capacity of households due to higher inflation-adjusted\r\nmortgage rates in late 2013. The level of completed and unabsorbed units\r\nrelative to population increased recently but remains below historical\r\npeaks. The risk of overvaluation has moderated in 2014 as a result of\r\ndecreases in mortgage rates combined with stronger growth in the 25 to\r\n35 year-old population. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" alt=\"Low risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" alt=\"Moderate risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"35\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" alt=\"Low risk / Increased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n</tr></tbody></table>\r\n<table class=\"DataTable hpaaTable1Legend\"><thead><tr><th colspan=\"2\">Level of risk</th>\r\n<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n</tr></thead><tbody><tr><td style=\"background-color:#92d050;width:20px;\"></td>\r\n<td>Low risk</td>\r\n<td class=\"centeredData\">↔</td>\r\n<td>Stable, unchanged</td>\r\n</tr><tr><td style=\"background-color:#ffff00;width:20px;\"></td>\r\n<td>Moderate risk</td>\r\n<td class=\"centeredData\">↑</td>\r\n<td>Increased</td>\r\n</tr><tr><td style=\"background-color:#e36c0a;width:20px;\"></td>\r\n<td>High risk</td>\r\n<td class=\"centeredData\">↓</td>\r\n<td>Decreased</td>\r\n</tr></tbody></table>\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The\r\nHPAA does not only test for the presence or incidence of signals of\r\npotentially problematic conditions, but also considers the intensity of\r\nsignals (that is, how far the signal is from its historical average) and\r\nthe persistence of signals over time. </p>\r\n<p>Generally, low intensity and persistence are associated with a lower\r\npotential of evolving into a problematic condition. As the number of\r\npersistent signals increases, the associated risk of a problematic\r\ncondition developing increases.</p>\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The\r\nHPAA is regularly updated over time, as new data becomes available. As a\r\nresult, we are able to monitor the direction in which risks are moving\r\nor if they are stable. Also, local market analysts provide insight based\r\non their local market intelligence that can influence the direction of\r\nrisk. </p>\r\n<p>For example, in the chart above, upward pointing green arrows are\r\nused to indicate that the risk has increased since the last evaluation,\r\nbut the risk of problematic conditions arising remains low, nonetheless.\r\nAn arrow that points downward, on the other hand, is used to indicate\r\nthat the risk has lessened since the last evaluation. For example, a\r\ndownward pointing red arrow indicates that risks remain elevated, but\r\nhave nonetheless decreased since the last evaluation. A sideways\r\npointing arrow indicates that the risk has not changed significantly\r\nsince the previous evaluation. </p>\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA. </p>\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for\r\nthose risk factors that have multiple indicators signalling significant\r\nincidence, intensity and persistence of potentially problematic\r\nconditions. As a result, only overvaluation and overbuilding can receive\r\na red rating, since they are assessed using more than one indicator. </p>\r\n<h2>HPAA Risk Factors</h2>\r\n<h3>1. Overheating </h3>\r\n<p>Overheating is a possible early indicator of problematic housing\r\nmarket conditions. Overheating is caused by demand running “too far\r\naheadâ€ of the supply of housing. The sales-to-new listings ratio is used\r\nas an indicator to assess possible overheating conditions in the\r\nexisting home market. To identify problematic overheating conditions,\r\nthe HPAA framework compares the sales-to-new listings ratio to\r\nthresholds. </p>\r\n<h3>2. Acceleration In House Prices</h3>\r\n<p>It is possible that expectations of future house price growth can\r\nattract investors who want to benefit primarily from short-term capital\r\nappreciation in a given housing market, which can then lead to further\r\nacceleration in house prices.</p>\r\n<p>To assess acceleration in real house prices, the HPAA framework\r\nadapts a statistical test that was developed to identify periods of\r\naccelerating asset price growth. It has been found that speculative\r\nactivity, fad-based behaviour or excessive leveraging can cause house\r\nprice growth to accelerate, encouraging additional speculative activity,\r\nfad-based behaviour or excessive leveraging, thus propelling prices\r\nfurther upward in a spiral of increasing price growth. </p>\r\n<p>Acceleration in house prices over a sustained period of time can\r\neventually cause house prices to depart from the level warranted by the\r\nunderlying demographic, economic and financial drivers of housing\r\nactivity, a condition we refer to as overvaluation.</p>\r\n<h3>3. Overvaluation</h3>\r\n<p>In the short term, house prices will generally tend to fluctuate\r\naround levels consistent with the fundamental drivers of housing\r\nactivity, like income and population growth, with alternating periods of\r\nslight and non-problematic overvaluation and undervaluation while\r\nremaining reflective, overall, of evolving market conditions instead of\r\npotentially problematic developments. </p>\r\n<p>However, sustained overheating and acceleration in house prices can\r\nlead to overvaluation in the housing market, wherein price levels may be\r\ndriven by intangibles like speculative activity to levels significantly\r\nabove those that would be consistent with fundamental drivers.\r\nOvervaluation is thus assessed when house prices remain significantly\r\nabove levels warranted by fundamental drivers of demand.</p>\r\n<h3>4. Overbuilding</h3>\r\n<p>To assess the possibility of overbuilding in the housing market, the\r\nHPAA framework uses two indicators: the rental vacancy rate, and the\r\ninventory of completed and unabsorbed housing units per 10,000\r\npopulation. The HPAA framework compares the current level and recent\r\ntrends in these indicators to risk thresholds. </p>\r\n<a></a><p></p>\r\n<table class=\"DataTable hpaaTable2\"><caption>\r\nTable 2: HPAA risk factors and related indicators\r\n</caption>\r\n<thead><tr><th>Risk Factor</th>\r\n<th>Indicator(s)</th>\r\n</tr></thead><tbody><tr><td>Overheating</td>\r\n<td>\r\n<ul>\r\n<li>Multiple Listings Service (MLS®) sales-to-new listings ratio </li>\r\n</ul>\r\n</td>\r\n</tr><tr><td>Acceleration in house prices</td>\r\n<td>\r\n<ul>\r\n<li>MLS® average price </li>\r\n</ul>\r\n</td>\r\n</tr><tr><td>Overvaluation </td>\r\n<td>\r\n<ul>\r\n<li>MLS® average price</li>\r\n<li>Statistics Canada’s New Housing Price Index (NHPI)</li>\r\n<li>Teranet-National Bank House Price Index</li>\r\n</ul>\r\n</td>\r\n</tr><tr><td>Overbuilding</td>\r\n<td>\r\n<ul>\r\n<li>Rental vacancy rate</li>\r\n<li>Inventory of completed and unabsorbed housing units by 10,000 population </li>\r\n</ul>\r\n</td></tr></tbody></table>\r\n<p class=\"news_footer\">\r\n<a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img src=\"images/icons/extrasmall/printer.png\" height=\"16\" width=\"16\" alt=\"[P]\" title=\"Printer-friendly page\"></a>\r\n</p>\";s:10:\"link_title\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 15:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:19:17\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 15:19:17',	'2014-11-24 15:19:17',	5),
(30,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 00:00:00\";s:11:\"description\";s:27815:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p></p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 08:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:19:50\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 08:19:17',	'2014-11-24 15:19:50',	5),
(31,	'news_item',	1,	'a:12:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:74:\"WordPress releases critical security fixes: News tech leaders need to know\";s:12:\"release_date\";s:19:\"2014-09-10 13:00:00\";s:11:\"description\";s:5114:\"<p>The <em>Financial Post </em>rounds up recent news that technology leaders need to know:</p>\r\n\r\n<p><strong>IBM Verse fuses social, cloud, analytics, to revolutionize e-mail</strong></p>\r\n\r\n<p>IBM has announced a social-oriented mail product that acts like a personal assistant. <a href=\"http://www.ibm.com/verse\">IBM Verse</a> uses built-in analytics to provide an &lsquo;at-a-glance&rsquo; view that intelligently surfaces an individual&rsquo;s most critical actions for the day. By learning unique employee preferences and priorities over time, it provides instant context about a given project as well as the people and teams collaborating on it.</p>\r\n\r\n<p>Delivered on the SoftLayer Cloud with enterprise-grade security, IBM Verse gives enterprise customers, small businesses and individuals a scalable, cloud-based social collaboration environment optimized for mobile and Web environments. A beta release of the new offering will be available to select clients and partners in November 2014. A freemium version delivered via the IBM Cloud Marketplace will be available in the first quarter of 2015. IBM Verse will also be offered as an app for both iOS and Android to ensure mobile users have the same experiences on the go as they do on their PCs.</p>\r\n\r\n<p><strong>Critical WordPress security fixes released</strong></p>\r\n\r\n<p>Companies whose blogs rely on WordPress should upgrade immediately if they&rsquo;re running version 3.9.2 or earlier. A critical cross-site scripting vulnerability could allow anonymous users to compromise the site.</p>\r\n\r\n<p><a href=\"https://wordpress.org/news/2014/11/wordpress-4-0-1/\">Version 4.0.1</a> addresses eight security issues that could result in tricking users to change passwords, denial of service attacks, compromised user accounts, and more. It also fixes 23 bugs in version 4.0, and adds other security improvements.</p>\r\n\r\n<div class=\"npBlock npRule npRelated\">\r\n<h4 class=\"npNoRule\">Related</h4>\r\n\r\n<ul class=\"related_links\">\r\n	<li><a href=\"http://business.financialpost.com/2014/11/21/cisco-unveils-new-collaboration-tools-including-project-squared/\">Cisco unveils new collaboration tools, including Project Squared</a></li>\r\n	<li><a href=\"http://business.financialpost.com/2014/11/12/how-sas-is-enhancing-its-visual-and-cloud-analytics-solutions/\">How SAS is enhancing its visual and cloud analytics solutions</a></li>\r\n</ul>\r\n</div>\r\n\r\n<p><strong>Privacy advocates release tool to detect spyware</strong></p>\r\n\r\n<p>Amnesty International, German digital rights group Digitale Gesellschaft, the Electronic Frontier Foundation and Privacy International have partnered to release a tool called <a href=\"https://resistsurveillance.org/\">Detekt</a> that scans computers for traces of known surveillance spyware used by governments to target and monitor human rights defenders and journalists around the world.</p>\r\n\r\n<p>It was developed by security researchers and has been used to assist in Citizen Lab&rsquo;s investigations into government use of spyware against human rights defenders, journalists and activists as well as by security trainers to educate on the nature of targeted surveillance. The tool is free and open source software and is provided as is, without warranties or guarantees of any kind, according to the disclaimer on the site.</p>\r\n\r\n<p><strong>Symantec and HP sign Disaster Recovery as-a-Service agreement for HP Helion OpenStack</strong></p>\r\n\r\n<p>HP Enterprise Services and Symantec have agreed to co-develop a Disaster-Recovery-as-a-Service (DRaaS) offering based on HP&rsquo;s Helion OpenStack. Symantec will provide the DRaaS software solution, and HP the end-to-end service based on the underlying disaster recovery facilities, infrastructure, and operations team. The service will run in an HP Helion OpenStack-based cloud environment and will support replication, recovery and automated failover/failback of client IT in any environment: traditional IT on-premises, managed cloud, private cloud or public cloud.</p>\r\n\r\n<p>The service is expected to launch in late 2015, and will be sold as a monthly subscription.</p>\r\n\r\n<p><strong>Microsoft announces unified Windows store, corporate portals</strong></p>\r\n\r\n<p>As an <a href=\"http://blogs.windows.com/business/2014/11/20/windows-10-a-store-thats-ready-for-business/\">incentive to enterprises</a> that want to filter the apps employees are able to install on their Windows devices, Microsoft has announced that in Windows 10, IT administrators will be able to access a new web-based Store portal specifically for organizations by signing in with an Azure Active Directory identity, and acquire apps in bulk. Apps acquired through that portal can then be assigned to people in the organization, who need only to click on a link to install the apps, providing organizations with a controlled and customizable experience specifically for their members.</p>\r\n\r\n<p>It also announced that, with Windows 10, it is releasing a single Windows Store for all devices, creating a unified experience for Windows tablets, phones, and PCs, and allowing developers to offer universal apps.</p>\";s:10:\"link_title\";s:74:\"WordPress releases critical security fixes: News tech leaders need to know\";s:4:\"link\";s:135:\"http://business.financialpost.com/2014/11/24/wordpress-releases-critical-security-fixes-news-tech-leaders-need-to-know/?__lsa=3b45-b705\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 10:45:49\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:16:13\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-09-10 10:45:49',	'2014-11-24 15:16:13',	5),
(32,	'news_item',	2,	'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:12:\"release_date\";s:19:\"2014-11-19 00:00:00\";s:11:\"description\";s:3636:\"<span itemprop=\"articleBody\"><a href=\"/artists/eminem\" class=\"artistLink\">Eminem</a>,  Beyoncé and <a href=\"/artists/coldplay\" class=\"artistLink\">Coldplay</a> lead this week\'s new releases amid a rash of reissues and special-edition releases. <br>\r\n<br>\r\n\'Shady XV\' is a compilation marking the 15th anniversary of Eminem\'s Shady Records imprint. The album spans two discs and will feature the best of Shady Records\' back catalogue, plus new material from Eminem, Slaughterhouse, Bad Meets Evil, D-12 and Yelawolf. It\'ll also include Eminem\'s \'Guts Over Fear\' collaboration with <a href=\"/artists/sia\" class=\"artistLink\">Sia</a>.<br>\r\n<br>\r\n<img src=\"http://nme.assets.ipccdn.co.uk/images/article/2014Coachella_Solange_Beyonce_Getty484508101140414.jpg\" align=\"right\">Beyoncé, meanwhile, releases a \'Platinum Edition\' of her self-titled 2013 album which includes four previously unreleased remixes from <a href=\"/artists/nicki-minaj\" class=\"artistLink\">Nicki Minaj</a>, Kanye West, Jay Z and <a href=\"/artists/pharrell-williams\" class=\"artistLink\">Pharrell Williams</a> alongside the original CD and DVD. In addition is new material and a live DVD which features performances from Beyoncé\'s \'Mrs Carter World Tour\'. Two new songs, \'The Ring Off\' and \'7/11\' are also included.<br>\r\n<br>\r\n\'Beyoncé\' was originally released on December 13, 2013 as an audio-visual album which was released without prior announcement.<br>\r\n<br>\r\nElsewhere, Coldplay release a DVD and Blu-ray of a specially-recorded concert at which they premiered tracks from 2014 album \'Ghost Stories\'. Filmed by director Paul Dugdale, <i>Ghost Stories Live 2014</i> is described as a \"visual representation\" of the LP. It was recorded in March 2014 in a custom-built amphitheatre at Sony Studios, Los Angeles. <br>\r\n<br>\r\nColdplay frontman Chris Martin said of the show: \"The ‘Ghost Stories’ show at Sony Studios was a very special moment for our band. The magic theatre built by our incredible crew with the 360 [degree] screens was literally a dream come true. And it was the first time anyone outside of our studio had heard the new songs. This film is basically our original vision for the \'Ghost Stories\' album.\"<br>\r\n<br>\r\nThe film also includes a ‘Ghost Stories’ live album recorded at the <a href=\"www.nme.com/news/coldplay/76778\">intimate, international shows</a> they performed between April and July 2014. Eight music videos from the album complete the package. <br>\r\n<br>\r\nThere are also new records from <b>Mary J Blige, Pitbull, Rick Ross, Olly Murs, David Guetta and Idris Elba</b> out today, while Clean Bandit, Diplo, Iggy Azalea and Soundgarden all release repackaged versions of existing albums. <br>\r\n<br>\r\nThis week\'s new album and EP releases:<br>\r\n<br>\r\n<b><br>\r\nBeyoncé – \'Beyoncé\' (Platinum Edition)<br>\r\nClean Bandit – \'New Eyes\' (Special Edition)<br>\r\nColdplay – \'Ghost Stories Live 2014\'<br>\r\nDavid Guetta – \'Listen\'<br>\r\nDeadmau5 – \'5 Years Of Mau5\'<br>\r\nDiplo – F\'10rida\'<br>\r\nEminem – \'Shady XV\'<br>\r\nFrank Turner – \'The Third Three Years\'<br>\r\nIdris Elba – \'Idris Elba Presents Mi Mandela\'<br>\r\nIggy Azalea – \'Reclassified\'<br>\r\nKelis – \'Live In London\'<br>\r\nMary J Blige – \'The London Sessions\'<br>\r\nOlly Murs – \'Never Been Better\'<br>\r\nParamore – \'Paramore\' (Deluxe Edition)<br>\r\nPitbull – \'Globalization\'<br>\r\nRick Ross – \'Hood Billionaire\'<br>\r\nSleaford Mods – \'Chubbed Up\'<br>\r\nSoundgarden – \'Echo Of Miles: Scattered Tracks Across The Path\'<br>\r\nSusan Boyle – \'Hope\'<br>\r\n</b><br>\r\n<br>\r\n<a href=\"http://www.nme.com/reviews\">Find definitive NME album reviews here.</a><br>\r\n	</span>\";s:10:\"link_title\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:4:\"link\";s:45:\"http://www.nme.com/news/various-artists/81303\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 08:17:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:17:55\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 08:17:05',	'2014-11-24 15:17:55',	5),
(33,	'news_item',	2,	'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:12:\"release_date\";s:19:\"2014-11-19 00:00:00\";s:11:\"description\";s:4147:\"<p>&nbsp;</p>\r\n\r\n<p><span itemprop=\"articleBody\"><a class=\"artistLink\" href=\"/artists/eminem\">Eminem</a>, Beyonc&eacute; and <a class=\"artistLink\" href=\"/artists/coldplay\">Coldplay</a> lead this week&#39;s new releases amid a rash of reissues and special-edition releases.<br />\r\n<br />\r\n&#39;Shady XV&#39; is a compilation marking the 15th anniversary of Eminem&#39;s Shady Records imprint. The album spans two discs and will feature the best of Shady Records&#39; back catalogue, plus new material from Eminem, Slaughterhouse, Bad Meets Evil, D-12 and Yelawolf. It&#39;ll also include Eminem&#39;s &#39;Guts Over Fear&#39; collaboration with <a class=\"artistLink\" href=\"/artists/sia\">Sia</a>.<br />\r\n<br />\r\n<img align=\"right\" src=\"http://nme.assets.ipccdn.co.uk/images/article/2014Coachella_Solange_Beyonce_Getty484508101140414.jpg\" />Beyonc&eacute;, meanwhile, releases a &#39;Platinum Edition&#39; of her self-titled 2013 album which includes four previously unreleased remixes from <a class=\"artistLink\" href=\"/artists/nicki-minaj\">Nicki Minaj</a>, Kanye West, Jay Z and <a class=\"artistLink\" href=\"/artists/pharrell-williams\">Pharrell Williams</a> alongside the original CD and DVD. In addition is new material and a live DVD which features performances from Beyonc&eacute;&#39;s &#39;Mrs Carter World Tour&#39;. Two new songs, &#39;The Ring Off&#39; and &#39;7/11&#39; are also included.<br />\r\n<br />\r\n&#39;Beyonc&eacute;&#39; was originally released on December 13, 2013 as an audio-visual album which was released without prior announcement.<br />\r\n<br />\r\nElsewhere, Coldplay release a DVD and Blu-ray of a specially-recorded concert at which they premiered tracks from 2014 album &#39;Ghost Stories&#39;. Filmed by director Paul Dugdale, <i>Ghost Stories Live 2014</i> is described as a &quot;visual representation&quot; of the LP. It was recorded in March 2014 in a custom-built amphitheatre at Sony Studios, Los Angeles.<br />\r\n<br />\r\nColdplay frontman Chris Martin said of the show: &quot;The &lsquo;Ghost Stories&rsquo; show at Sony Studios was a very special moment for our band. The magic theatre built by our incredible crew with the 360 [degree] screens was literally a dream come true. And it was the first time anyone outside of our studio had heard the new songs. This film is basically our original vision for the &#39;Ghost Stories&#39; album.&quot;<br />\r\n<br />\r\nThe film also includes a &lsquo;Ghost Stories&rsquo; live album recorded at the <a href=\"www.nme.com/news/coldplay/76778\">intimate, international shows</a> they performed between April and July 2014. Eight music videos from the album complete the package.<br />\r\n<br />\r\nThere are also new records from <b>Mary J Blige, Pitbull, Rick Ross, Olly Murs, David Guetta and Idris Elba</b> out today, while Clean Bandit, Diplo, Iggy Azalea and Soundgarden all release repackaged versions of existing albums.<br />\r\n<br />\r\nThis week&#39;s new album and EP releases:<br />\r\n<br />\r\n<br />\r\n<b>Beyonc&eacute; &ndash; &#39;Beyonc&eacute;&#39; (Platinum Edition)<br />\r\nClean Bandit &ndash; &#39;New Eyes&#39; (Special Edition)<br />\r\nColdplay &ndash; &#39;Ghost Stories Live 2014&#39;<br />\r\nDavid Guetta &ndash; &#39;Listen&#39;<br />\r\nDeadmau5 &ndash; &#39;5 Years Of Mau5&#39;<br />\r\nDiplo &ndash; F&#39;10rida&#39;<br />\r\nEminem &ndash; &#39;Shady XV&#39;<br />\r\nFrank Turner &ndash; &#39;The Third Three Years&#39;<br />\r\nIdris Elba &ndash; &#39;Idris Elba Presents Mi Mandela&#39;<br />\r\nIggy Azalea &ndash; &#39;Reclassified&#39;<br />\r\nKelis &ndash; &#39;Live In London&#39;<br />\r\nMary J Blige &ndash; &#39;The London Sessions&#39;<br />\r\nOlly Murs &ndash; &#39;Never Been Better&#39;<br />\r\nParamore &ndash; &#39;Paramore&#39; (Deluxe Edition)<br />\r\nPitbull &ndash; &#39;Globalization&#39;<br />\r\nRick Ross &ndash; &#39;Hood Billionaire&#39;<br />\r\nSleaford Mods &ndash; &#39;Chubbed Up&#39;<br />\r\nSoundgarden &ndash; &#39;Echo Of Miles: Scattered Tracks Across The Path&#39;<br />\r\nSusan Boyle &ndash; &#39;Hope&#39;</b><br />\r\n<br />\r\n<br />\r\n<a href=\"http://www.nme.com/reviews\">Find definitive NME album reviews here.</a></span></p>\r\n\r\n<p>&nbsp;</p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:45:\"http://www.nme.com/news/various-artists/81303\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 01:17:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:22:38\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 01:17:05',	'2014-11-24 15:22:38',	5),
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(35,	'code_caller',	5,	'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:41:\"{call controller=news_item action=latest}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-11 04:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:36:20\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-09-11 04:14:00',	'2014-11-24 15:36:20',	5),
(36,	'code_caller',	5,	'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:54:\"{call controller=news_item action=latest truncate=360}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 22:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:41:36\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-09-10 22:14:00',	'2014-11-24 15:41:36',	5),
(37,	'code_caller',	5,	'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:63:\"{call controller=news_item action=latest truncate=360 count=15}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 16:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:46:49\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-09-10 16:14:00',	'2014-11-24 15:46:49',	5),
(38,	'code_caller',	5,	'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:78:\"<h2>News</h2>\r\n{call controller=news_item action=latest truncate=360 count=15}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 10:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:59:51\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-09-10 10:14:00',	'2014-11-24 15:59:51',	5),
(39,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:933:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p>nterchange was originally developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 09:36:54\";s:12:\"cms_modified\";s:19:\"2014-10-06 14:27:59\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 09:36:54',	'2014-10-06 14:27:59',	4),
(40,	'text',	4,	'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:5:\"Tours\";s:7:\"content\";s:678:\"<h3>Public Tours</h3>\r\n\r\n<p><strong>3 Hour Brewery Tours</strong><br />\r\nVancouver &nbsp;| &nbsp;Every Friday and Saturday</p>\r\n\r\n<p><strong>6 Hour Wine Tours</strong><br />\r\nFraser Valley &nbsp;| &nbsp;Every Sunday</p>\r\n\r\n<h3>Private Tours</h3>\r\n\r\n<p>Vine &amp; Hops is so excited to create a curated, customized day out for up to 13 people. Just tell us what would make your tasting experience unforgettable and we will make it happen. We offer add-ons to your day.&nbsp;<br />\r\nThink: catered meals with pairings, local musicians, games etc. Bring on the fun!</p>\r\n\r\n<p class=\"feature\">For booking information, please <a href=\"mailto:info@vineandhops.ca\">contact us</a>.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 12:42:10\";s:12:\"cms_modified\";s:19:\"2014-08-14 16:02:02\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-11 12:42:10',	'2014-08-14 16:02:02',	5),
(41,	'text',	4,	'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:5:\"Tours\";s:7:\"content\";s:67:\"<h3>News</h3>\r\n\r\n<p>This is a sample page with dynamic content.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 06:42:10\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:03:18\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-11 06:42:10',	'2014-11-24 16:03:18',	5),
(42,	'code_caller',	5,	'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:78:\"<h1>News</h1>\r\n{call controller=news_item action=latest truncate=360 count=15}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 04:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:00:14\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-09-10 04:14:00',	'2014-11-24 16:00:14',	5),
(43,	'text',	4,	'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:12:\"News - Intro\";s:7:\"content\";s:67:\"<h3>News</h3>\r\n\r\n<p>This is a sample page with dynamic content.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 00:42:10\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:03:28\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-11 00:42:10',	'2014-11-24 16:03:28',	5),
(44,	'text',	4,	'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:12:\"News - Intro\";s:7:\"content\";s:67:\"<h1>News</h1>\r\n\r\n<p>This is a sample page with dynamic content.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 18:42:10\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:03:45\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 18:42:10',	'2014-11-24 16:03:45',	5),
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(46,	'text',	9,	'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:18:\"Contact Us - Intro\";s:7:\"content\";s:115:\"<h1>Contact Us</h1>\r\n\r\n<p>Please fill out the form below to stay up to date on the latest news and information.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 16:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:14:53\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 16:14:53',	'2014-11-24 16:14:53',	5),
(47,	'text',	9,	'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:18:\"Contact Us - Intro\";s:7:\"content\";s:312:\"<h1>Contact Us</h1>\r\n\r\n<p>Please fill out the form below to stay up to date on the latest news and information.</p>\r\n\r\n<p>{{contact_form}}</p>\r\n\r\n<h3>Address</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><strong>Phone:</strong> 403.555.1234<br />\r\n<strong>Fax:</strong> 403.555.1234</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 09:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:20:44\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 09:14:53',	'2014-11-24 16:20:44',	5),
(48,	'text',	9,	'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:10:\"Contact Us\";s:7:\"content\";s:312:\"<h1>Contact Us</h1>\r\n\r\n<p>Please fill out the form below to stay up to date on the latest news and information.</p>\r\n\r\n<p>{{contact_form}}</p>\r\n\r\n<h3>Address</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><strong>Phone:</strong> 403.555.1234<br />\r\n<strong>Fax:</strong> 403.555.1234</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 02:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:20:54\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 02:14:53',	'2014-11-24 16:20:54',	5),
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(62,	'bio',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:10:\"Andy VanEe\";s:5:\"image\";s:36:\"/upload/bio/1/bac790e6eac9/photo.png\";s:7:\"content\";s:446:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 02:39:20\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:44:20\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 02:39:20',	'2014-11-24 16:44:20',	5),
(63,	'bio',	2,	'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:13:\"Lena Mitranic\";s:5:\"image\";s:36:\"/upload/bio/2/b4462af8eb43/photo.png\";s:7:\"content\";s:446:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 02:39:44\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:43:49\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 02:39:44',	'2014-11-24 16:43:49',	5),
(64,	'text',	2,	'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:1624:\"<h2>About Us</h2>\r\n\r\n<p>Drumstick cow pancetta strip steak swine. Andouille sirloin fatback brisket, meatball sausage chuck meatloaf turkey prosciutto tongue. Brisket ground round shank beef ribs chicken pork chop. Cow filet mignon biltong ribeye kielbasa ground round pork loin flank tail sirloin chuck swine turducken short ribs corned beef. Doner salami biltong tail kielbasa boudin short loin bresaola porchetta ground round spare ribs pancetta ham meatball corned beef.</p>\r\n\r\n<p>Tail chuck fatback, filet mignon ham hock doner landjaeger jowl meatloaf t-bone pastrami pig corned beef pork loin jerky. Bacon brisket shank turkey filet mignon ribeye tail rump andouille shoulder beef ribs sausage. Ball tip short ribs biltong pig turducken. Doner chuck drumstick jowl ball tip short ribs filet mignon venison brisket boudin kielbasa shankle pancetta turkey beef. Cow shoulder pork chop tri-tip biltong turducken ground round prosciutto. Frankfurter short ribs bresaola meatloaf pancetta, salami tongue flank leberkas tail pastrami beef jowl.</p>\r\n\r\n<p>Brisket pork chop ball tip, drumstick salami strip steak meatball corned beef meatloaf biltong hamburger jowl flank. Tongue turkey prosciutto ham venison frankfurter. Pastrami shoulder tri-tip pancetta andouille hamburger landjaeger tail chicken turducken kevin frankfurter drumstick. Doner short ribs fatback jerky, tongue boudin pig pastrami tail tenderloin strip steak capicola. Pork turducken shankle turkey fatback pancetta. Tenderloin tail leberkas turducken andouille jowl prosciutto chicken sirloin. Tenderloin spare ribs landjaeger short ribs flank shank.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 10:17:02\";s:12:\"cms_modified\";s:19:\"2014-09-10 12:04:45\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 10:17:02',	'2014-09-10 12:04:45',	5),
(65,	'text',	2,	'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:284:\"<h2>About Us</h2>\r\n\r\n<p>This page provides a quick demonstration of custom assets. The items below are all &#39;Bio&#39; assets, which consist of a name, thumbnail image, and short description. Many such assets may be developed for a particular site depending on the requirements.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 04:17:02\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:55:36\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-10 04:17:02',	'2014-11-24 16:55:36',	5),
(66,	'text',	2,	'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:477:\"<h2>About Us</h2>\r\n\r\n<p>This page provides a quick demonstration of custom assets. The items below are all &#39;Bio&#39; assets, which consist of a name, thumbnail image, and short description. Many such assets may be developed for a particular site depending on the requirements. Just like the built in content types such as text and images, these custom assets can be re-ordered, assigned to multiple pages or added to the header or footer, depending on the requirements.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 22:17:02\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:57:55\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-09 22:17:02',	'2014-11-24 16:57:55',	5),
(67,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:922:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p>nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 03:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:01:20\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',	0,	'2014-08-10 03:36:54',	'2014-11-24 16:01:20',	4),
(68,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:1037:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p><img alt=\"\" src=\"http://www.nonfiction.ca/images/logo.png\" style=\"width: 120px; float: left; height: 24px; margin-left: 15px; margin-right: 15px;\" />nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 21:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 17:04:23\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-09 21:36:54',	'2014-11-24 17:04:23',	5),
(69,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:1038:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p><img alt=\"\" src=\"http://www.nonfiction.ca/images/logo.png\" style=\"width: 120px; float: right; height: 24px; margin-left: 15px; margin-right: 15px;\" />nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 15:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 17:05:01\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-09 15:36:54',	'2014-11-24 17:05:01',	6),
(70,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:1089:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p><a href=\"http://nonfiction.ca\"><img alt=\"\" src=\"http://www.nonfiction.ca/images/logo.png\" style=\"width: 120px; float: right; height: 24px; border-width: 1px; border-style: solid; padding: 10px;\" /></a>nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 09:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 17:06:33\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-09 09:36:54',	'2014-11-24 17:06:33',	5),
(71,	'text',	1,	'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:1089:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p><a href=\"http://nonfiction.ca\"><img alt=\"\" src=\"http://www.nonfiction.ca/images/logo.png\" style=\"width: 120px; float: right; height: 24px; border-width: 1px; border-style: solid; padding: 15px;\" /></a>nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 03:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 17:07:21\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-08-09 03:36:54',	'2014-11-24 17:07:21',	5),
(72,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 00:00:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 01:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:22:11\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-24 01:19:17',	'2014-11-24 15:22:11',	5),
(73,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 13:06:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 18:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:22:13\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-23 18:19:17',	'2014-11-25 13:22:13',	5),
(74,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 13:07:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 11:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:24:49\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-23 11:19:17',	'2014-11-25 13:24:49',	5),
(75,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 13:08:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 04:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:24:56\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-23 04:19:17',	'2014-11-25 13:24:56',	5),
(76,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-25 15:18:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-22 21:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:27:01\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-22 21:19:17',	'2014-11-25 13:27:01',	5),
(77,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-25 13:32:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-22 14:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:28:26\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-22 14:19:17',	'2014-11-25 13:28:26',	5),
(78,	'news_item',	3,	'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-25 13:25:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-22 07:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:24:21\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',	0,	'2014-11-22 07:19:17',	'2014-11-25 13:24:21',	5),
(79,	'code_caller',	6,	'a:10:{s:2:\"id\";s:1:\"6\";s:12:\"cms_headline\";s:28:\"Latest New Item - Half Width\";s:7:\"content\";s:43:\"{call controller=news_item count=4 width=6}\";s:7:\"dynamic\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 15:41:34\";s:12:\"cms_modified\";s:19:\"2015-08-05 15:41:34\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 15:41:34',	'2015-08-05 15:41:34',	7),
(80,	'code_caller',	6,	'a:10:{s:2:\"id\";s:1:\"6\";s:12:\"cms_headline\";s:28:\"Latest New Item - Half Width\";s:7:\"content\";s:57:\"{call controller=news_item action=latest count=4 width=6}\";s:7:\"dynamic\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 09:41:34\";s:12:\"cms_modified\";s:19:\"2015-08-05 15:42:22\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 09:41:34',	'2015-08-05 15:42:22',	7),
(81,	'half_block',	1,	'a:11:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:25:\"About Botaneco Half Block\";s:8:\"top_text\";s:14:\"About Botaneco\";s:11:\"placeholder\";s:54:\"/upload/half_block/1/5e9e7df3745e/videoplaceholder.png\";s:4:\"text\";s:187:\"<p>Botaneco provides quality ingredients to the personal care. We are a health sciences and technology company that develops, manufactures and markets proprietary natural ingredients.</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 16:21:27\";s:12:\"cms_modified\";s:19:\"2015-08-05 16:21:27\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 16:21:27',	'2015-08-05 16:21:27',	7),
(82,	'video_block',	2,	'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:26:\"Hydresia Intro Video Block\";s:11:\"placeholder\";s:55:\"/upload/video_block/2/c2d1420239e6/videoplaceholder.png\";s:11:\"video_width\";s:1:\"6\";s:10:\"text_width\";s:1:\"6\";s:4:\"text\";s:539:\"<p>&nbsp;</p>\r\n\r\n<p>Oleosomes are structures found naturally in oil bearing plant seeds and serve as natural storehouses of energy used by the seed until germination. They are found in virtually all crops, including safflower, almond and sunflower.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Oleosomes are naturally occurring spheres 1-5 &micro; in diameter which consist of a center core of emollient plant oils and vitamin E, surrounded by a phospholipid membrane and stabilized by a protein coat...</p>\r\n\r\n<p><a class=\"pull-right btn\">Read More</a></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 16:53:06\";s:12:\"cms_modified\";s:19:\"2015-08-05 16:53:06\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 16:53:06',	'2015-08-05 16:53:06',	7),
(83,	'code_caller',	7,	'a:10:{s:2:\"id\";s:1:\"7\";s:12:\"cms_headline\";s:28:\"Latest New Item - Full Width\";s:7:\"content\";s:57:\"{call controller=news_item action=latest count=4 width=6}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-06 09:59:07\";s:12:\"cms_modified\";s:19:\"2015-08-06 09:59:07\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-06 09:59:07',	'2015-08-06 09:59:07',	7),
(84,	'three_column',	2,	'a:14:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:9:\"Resources\";s:5:\"title\";s:9:\"Resources\";s:16:\"background_color\";s:0:\"\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:115:\"<p><img src=\"http://botaneco.tb.nonwebdev.com/images/botaneco-icon.png\" /></p>\r\n\r\n<p>Frequently Asked Questions</p>\";s:13:\"second_column\";s:115:\"<p><img src=\"http://botaneco.tb.nonwebdev.com/images/botaneco-icon.png\" /></p>\r\n\r\n<p>Frequently Asked Questions</p>\";s:12:\"third_column\";s:115:\"<p><img src=\"http://botaneco.tb.nonwebdev.com/images/botaneco-icon.png\" /></p>\r\n\r\n<p>Frequently Asked Questions</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-06 14:43:55\";s:12:\"cms_modified\";s:19:\"2015-08-06 14:43:55\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-06 14:43:55',	'2015-08-06 14:43:55',	7),
(85,	'three_column',	2,	'a:14:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:9:\"Resources\";s:5:\"title\";s:9:\"Resources\";s:16:\"background_color\";s:0:\"\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:150:\"<p><img alt=\"\" src=\"/upload/body_image/attachments/2/faqs.png\" style=\"width: 200px; height: 200px;\" /></p>\r\n\r\n<p>Frequently Asked<br />\r\nQuestions</p>\";s:13:\"second_column\";s:142:\"<p><img alt=\"\" src=\"/upload/body_image/attachments/3/stories.png\" style=\"width: 197px; height: 197px;\" /></p>\r\n\r\n<p>Success<br />\r\nStories</p>\";s:12:\"third_column\";s:142:\"<p><img src=\"/upload/body_image/attachments/4/techincal.png\" style=\"width: 200px; height: 200px;\" /></p>\r\n\r\n<p>Techincal<br />\r\nLiterature</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-06 08:43:55\";s:12:\"cms_modified\";s:19:\"2015-08-07 12:07:35\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-06 08:43:55',	'2015-08-07 12:07:35',	7),
(86,	'three_column',	1,	'a:14:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:18:\"Hydresia Portofilo\";s:5:\"title\";s:18:\"Hydresia Portofilo\";s:16:\"background_color\";s:13:\"item-bg-green\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:156:\"<h1>SF2</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\r\n\r\n<p>Data Sheet</p>\r\n\r\n<p>MSDS</p>\r\n\r\n<p>FAQ&#39;s</p>\";s:13:\"second_column\";s:155:\"<h1>G2</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\r\n\r\n<p>Data Sheet</p>\r\n\r\n<p>MSDS</p>\r\n\r\n<p>FAQ&#39;s</p>\";s:12:\"third_column\";s:158:\"<h1>Dulce</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\r\n\r\n<p>Data Sheet</p>\r\n\r\n<p>MSDS</p>\r\n\r\n<p>FAQ&#39;s</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-06 14:38:13\";s:12:\"cms_modified\";s:19:\"2015-08-06 14:38:13\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-06 14:38:13',	'2015-08-06 14:38:13',	7),
(87,	'four_column',	1,	'a:15:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:20:\"Distrubtion Parnters\";s:5:\"title\";s:20:\"Distrubtion Parnters\";s:16:\"background_color\";s:0:\"\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:248:\"<p><img src=\"http://botaneco.tb.nonwebdev.com/images/botaneco-icon.png\" style=\"box-sizing: border-box; border: 0px; vertical-align: middle; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; text-align: center;\" /></p>\";s:13:\"second_column\";s:248:\"<p><img src=\"http://botaneco.tb.nonwebdev.com/images/botaneco-icon.png\" style=\"box-sizing: border-box; border: 0px; vertical-align: middle; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; text-align: center;\" /></p>\";s:12:\"third_column\";s:248:\"<p><img src=\"http://botaneco.tb.nonwebdev.com/images/botaneco-icon.png\" style=\"box-sizing: border-box; border: 0px; vertical-align: middle; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; text-align: center;\" /></p>\";s:11:\"four_column\";s:248:\"<p><img src=\"http://botaneco.tb.nonwebdev.com/images/botaneco-icon.png\" style=\"box-sizing: border-box; border: 0px; vertical-align: middle; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; text-align: center;\" /></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-06 15:03:10\";s:12:\"cms_modified\";s:19:\"2015-08-06 15:03:10\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-06 15:03:10',	'2015-08-06 15:03:10',	7),
(88,	'video_block',	1,	'a:12:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:27:\"Home Page Video Full Length\";s:11:\"placeholder\";s:55:\"/upload/video_block/1/c6eb4e088565/videoplaceholder.png\";s:11:\"video_width\";s:1:\"4\";s:10:\"text_width\";s:1:\"8\";s:4:\"text\";s:431:\"        <h2>NATURAL AUTHENTIC PERFORMANCE</h2>\r\n        <p>Rooted in natural, authentic and performance-based oleosome technology, Hydresia¬Æ is the only truly natural emulsifier on the market today possessing powerful, multi-functional properties.¬† Experience the &#8220;Difference You Can Feel&#8221; Hydresia¬Æ can deliver to your personal care product application.</p>\r\n        <a class=\'pull-right btn\'>Read More</a>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 15:18:40\";s:12:\"cms_modified\";s:19:\"2015-08-05 15:18:40\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 15:18:40',	'2015-08-05 15:18:40',	7),
(89,	'video_block',	1,	'a:12:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:27:\"Home Page Video Full Length\";s:11:\"placeholder\";s:55:\"/upload/video_block/1/c6eb4e088565/videoplaceholder.png\";s:11:\"video_width\";s:1:\"4\";s:10:\"text_width\";s:1:\"8\";s:4:\"text\";s:759:\"<h2>NATURAL. AUTHENTIC. PERFORMANCE.</h2>\r\n\r\n<p><span class=\"s1\">At Botaneco</span><span class=\"s2\"><sup>TM</sup></span><span class=\"s1\">, our story began with a seed; an oilseed to be exact.&nbsp; We added curiosity, innovation and a proprietary natural extraction process on a quest to discover what lies inside the outer shell.&nbsp; What we found waiting under the surface was an all-natural performance based moisture delivery system unique to any other product available in the marketplace. With enhanced emulsifying, loading and moisturizing traits, Hydresia&reg;, <i>a &lsquo;pearl&rsquo; within oilseeds</i>, is a high performing, quality natural ingredient that offers a delivery system benefit in personal care that elevates performance.</span></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 09:18:40\";s:12:\"cms_modified\";s:19:\"2015-08-28 09:54:04\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 09:18:40',	'2015-08-28 09:54:04',	7),
(90,	'video_block',	1,	'a:12:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:27:\"Home Page Video Full Length\";s:11:\"placeholder\";s:55:\"/upload/video_block/1/c6eb4e088565/videoplaceholder.png\";s:11:\"video_width\";s:1:\"6\";s:10:\"text_width\";s:1:\"6\";s:4:\"text\";s:759:\"<h2>NATURAL. AUTHENTIC. PERFORMANCE.</h2>\r\n\r\n<p><span class=\"s1\">At Botaneco</span><span class=\"s2\"><sup>TM</sup></span><span class=\"s1\">, our story began with a seed; an oilseed to be exact.&nbsp; We added curiosity, innovation and a proprietary natural extraction process on a quest to discover what lies inside the outer shell.&nbsp; What we found waiting under the surface was an all-natural performance based moisture delivery system unique to any other product available in the marketplace. With enhanced emulsifying, loading and moisturizing traits, Hydresia&reg;, <i>a &lsquo;pearl&rsquo; within oilseeds</i>, is a high performing, quality natural ingredient that offers a delivery system benefit in personal care that elevates performance.</span></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 03:18:40\";s:12:\"cms_modified\";s:19:\"2015-08-28 10:29:53\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 03:18:40',	'2015-08-28 10:29:53',	7),
(91,	'half_block',	1,	'a:11:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:25:\"About Botaneco Half Block\";s:8:\"top_text\";s:14:\"About Botaneco\";s:11:\"placeholder\";s:54:\"/upload/half_block/1/5e9e7df3745e/videoplaceholder.png\";s:4:\"text\";s:226:\"<p>Botaneco provides quality ingredients to the personal care. We are a health sciences and technology company that develops, manufactures and markets proprietary natural ingredients.</p>\r\n\r\n<p><a class=\"btn\">Read More</a></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 10:21:27\";s:12:\"cms_modified\";s:19:\"2015-08-05 16:22:37\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 10:21:27',	'2015-08-05 16:22:37',	7),
(92,	'quick_links',	1,	'a:9:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:21:\"Home Page Quick Links\";s:5:\"links\";s:352:\"<ul>\r\n	<li class=\"p1\"><span class=\"s1\">What&rsquo;s New!&nbsp;</span></li>\r\n	<li class=\"p1\"><span class=\"s1\">In the News</span></li>\r\n	<li class=\"p1\"><span class=\"s1\">Upcoming Events &amp; Conferences</span></li>\r\n	<li class=\"p1\"><span class=\"s1\">Formulation Showcase</span></li>\r\n	<li class=\"p1\"><span class=\"s1\">Join our Newsletter</span></li>\r\n</ul>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-28 11:17:49\";s:12:\"cms_modified\";s:19:\"2015-08-28 11:17:49\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-28 11:17:49',	'2015-08-28 11:17:49',	7),
(93,	'text',	13,	'a:10:{s:2:\"id\";s:2:\"13\";s:12:\"cms_headline\";s:20:\"Our Story Text Block\";s:7:\"content\";s:1586:\"<p class=\"p1\"><span class=\"s1\"><b>OUR STORY</b></span></p>\r\n\r\n<p class=\"p1\"><span class=\"s1\">Botaneco</span><span class=\"s2\"><sup>TM </sup></span><span class=\"s1\">is an innovation company dedicated to finding new, beneficial applications for oilseed crops.&nbsp; From its head office and production facility in Calgary, Alberta the company&rsquo;s reach extends currently to safflower and almond fields in California to research and testing labs, distribution partners on four continents, and into products of leading health and beauty brands the world over.</span></p>\r\n\r\n<p class=\"p1\"><span class=\"s1\">Botaneco</span><span class=\"s2\"><sup>TM</sup></span><span class=\"s1\">, a growing company, is unique in its proprietary method of oilseed processing, introducing a soft gentle extraction process that is non-destructive to the oilseed. Botaneco is committed to &lsquo;reimagining&rsquo; natural solutions to improve authenticity and performance in personal care products.&nbsp; Consumers today care about what goes into and onto their bodies.&nbsp; Botaneco, through its Hydresia</span><span class=\"s2\"><sup>TM</sup></span><span class=\"s1\"> system, offers <i>&lsquo;a difference you can feel&rsquo;</i> in over 350 different personal care products.</span></p>\r\n\r\n<p class=\"p2\"><span class=\"s1\"><b><i>Our Mission</i></b></span></p>\r\n\r\n<p class=\"p1\"><span class=\"s1\"><i>We purify unique extracts from oilseeds that improve the natural authenticity and performance of personal care products.</i></span></p>\r\n\r\n<p class=\"p1\"><span class=\"s1\"><b><i>Our Quality Statement</i></b></span></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-28 11:47:52\";s:12:\"cms_modified\";s:19:\"2015-08-28 11:47:52\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-28 11:47:52',	'2015-08-28 11:47:52',	7),
(94,	'text',	13,	'a:10:{s:2:\"id\";s:2:\"13\";s:12:\"cms_headline\";s:20:\"Our Story Text Block\";s:7:\"content\";s:1614:\"<p class=\"p1\"><span class=\"s1\" style=\"line-height: 1.375em;\">Botaneco</span><span class=\"s2\" style=\"line-height: 1.375em;\"><sup>TM </sup></span><span class=\"s1\" style=\"line-height: 1.375em;\">is an innovation company dedicated to finding new, beneficial applications for oilseed crops.&nbsp; From its head office and production facility in Calgary, Alberta the company&rsquo;s reach extends currently to safflower and almond fields in California to research and testing labs, distribution partners on four continents, and into products of leading health and beauty brands the world over.</span></p>\r\n\r\n<p class=\"p1\"><span class=\"s1\">Botaneco</span><span class=\"s2\"><sup>TM</sup></span><span class=\"s1\">, a growing company, is unique in its proprietary method of oilseed processing, introducing a soft gentle extraction process that is non-destructive to the oilseed. Botaneco is committed to &lsquo;reimagining&rsquo; natural solutions to improve authenticity and performance in personal care products.&nbsp; Consumers today care about what goes into and onto their bodies.&nbsp; Botaneco, through its Hydresia</span><span class=\"s2\"><sup>TM</sup></span><span class=\"s1\"> system, offers <i>&lsquo;a difference you can feel&rsquo;</i> in over 350 different personal care products.</span></p>\r\n\r\n<p class=\"p2\"><span class=\"s1\"><b><i>Our Mission</i></b></span></p>\r\n\r\n<p class=\"p1\"><span class=\"s1\"><i>We purify unique extracts from oilseeds that improve the natural authenticity and performance of personal care products.</i></span></p>\r\n\r\n<p class=\"p1\"><span class=\"s1\"><b><i>Our Quality Statement</i></b></span></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-28 05:47:52\";s:12:\"cms_modified\";s:19:\"2015-08-28 11:49:28\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-28 05:47:52',	'2015-08-28 11:49:28',	7),
(95,	'text',	14,	'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:11:\"Our Mission\";s:7:\"content\";s:262:\"<p>Our Mission</p>\r\n\r\n<p>We purify unique extracts from oilseeds that improve the natural authenticity and performance of personal care products.fy unique extracts from oilseeds that improve the natural authenticity and performance of personal care products.</p>\";s:11:\"style_class\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-28 12:14:14\";s:12:\"cms_modified\";s:19:\"2015-08-28 12:14:14\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-28 12:14:14',	'2015-08-28 12:14:14',	7),
(96,	'bio',	5,	'a:12:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:12:\"James Szarko\";s:4:\"name\";s:12:\"James Szarko\";s:5:\"title\";s:15:\"President & CEO\";s:5:\"image\";s:0:\"\";s:7:\"content\";s:1017:\"James Szarko, President & CEO of Botaneco, Inc. has more than 15 years of progressively responsible experience leading companies focused on proprietary technology towards commercialization and growth.  James has led these companies through start-up, survival, turnaround and growth modes.  After finishing his accounting studies at the University of Lethbridge, James earned his CA designation joining the ranks at PriceWaterhouseCoopers and soon thereafter a management posting in a developing market.  Boundless in his potential, the entrepreneurial spirit in James excelled his professional accolades, with recognition today as a thought leader in his field.  \r\n\r\nOutside of the office you will find James competing in endurance sports, coaching fellow young entrepreneurs, testing out a new fitness training regime or enjoying quality time with his wife and two girls.  \r\n\r\nIf you asked James what book an up and coming entrepreneur should read, at the top of the list you would find Good to Great by Jim Collins.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-28 14:11:33\";s:12:\"cms_modified\";s:19:\"2015-08-28 14:11:33\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-28 14:11:33',	'2015-08-28 14:11:33',	7),
(97,	'text',	15,	'a:10:{s:2:\"id\";s:2:\"15\";s:12:\"cms_headline\";s:12:\"Our Parnters\";s:7:\"content\";s:2450:\"<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width:100%;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Canada<br />\r\n			Cambrian Solutions Inc.&nbsp;<br />\r\n			Key Contact &ndash;&nbsp;<a href=\"mailto:Diana.Franco@Cambrian.com\" target=\"_blank\">Diana Franco</a></td>\r\n			<td>Western USA and Texas&nbsp;<br />\r\n			ROSS Organics&nbsp;<br />\r\n			Key Contact &ndash;&nbsp;<a href=\"mailto:richard@rossorg.com\" target=\"_blank\">Rich Hersey</a></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 794px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>South East USA&nbsp;<br />\r\n			Blue Sun International&nbsp;<br />\r\n			Key Contact &ndash;&nbsp;<a href=\"mailto:valvarez@bluesun-international.com\" target=\"_blank\">Victor Alvarez</a></td>\r\n			<td>Eastern USA&nbsp;<br />\r\n			Axiom Ingredients&nbsp;<br />\r\n			Key Contact &ndash;&nbsp;<a href=\"mailto:mdesantis@axiomingredients.com\" target=\"_blank\">Michael DeSantis</a></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 794px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Canada<br />\r\n			Cambrian Solutions Inc.&nbsp;<br />\r\n			Key Contact &ndash;&nbsp;<a href=\"mailto:Diana.Franco@Cambrian.com\" target=\"_blank\">Diana Franco</a></td>\r\n			<td>Western USA and Texas&nbsp;<br />\r\n			ROSS Organics&nbsp;<br />\r\n			Key Contact &ndash;&nbsp;<a href=\"mailto:richard@rossorg.com\" target=\"_blank\">Rich Hersey</a></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 794px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Canada<br />\r\n			Cambrian Solutions Inc.&nbsp;<br />\r\n			Key Contact &ndash;&nbsp;<a href=\"mailto:Diana.Franco@Cambrian.com\" target=\"_blank\">Diana Franco</a></td>\r\n			<td>Western USA and Texas&nbsp;<br />\r\n			ROSS Organics&nbsp;<br />\r\n			Key Contact &ndash;&nbsp;<a href=\"mailto:richard@rossorg.com\" target=\"_blank\">Rich Hersey</a></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Australia and New Zealand&nbsp;<br />\r\nA.S. Harrision&nbsp;<br />\r\nKey Contact &ndash;&nbsp;<a href=\"mailto:marianne.cochennec@harrison.com.au\" target=\"_blank\">Marianne Cochennec</a></p>\r\n\r\n<p>Korea&nbsp;<br />\r\nJansonLee Corporation<br />\r\nKey Contact &ndash;&nbsp;<a href=\"mailto:jslcorp@hotmail.com\" target=\"_blank\">Mr.Kim</a>&nbsp;<br />\r\n<br />\r\nBrazil&nbsp;<br />\r\nDinaco SA&nbsp;<br />\r\nKey Contact &ndash;&nbsp;<a href=\"mailto:Wilza.teles@dinaco-sa.com.br\">Wilza Teres</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-28 14:40:13\";s:12:\"cms_modified\";s:19:\"2015-08-28 14:40:13\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-28 14:40:13',	'2015-08-28 14:40:13',	7),
(98,	'video_block',	2,	'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:26:\"Hydresia Intro Video Block\";s:11:\"placeholder\";s:55:\"/upload/video_block/2/c2d1420239e6/videoplaceholder.png\";s:11:\"video_width\";s:1:\"6\";s:10:\"text_width\";s:1:\"6\";s:4:\"text\";s:522:\"<p>&nbsp;</p>\r\n\r\n<p>Oleosomes are structures found naturally in oil bearing plant seeds and serve as natural storehouses of energy used by the seed until germination. They are found in virtually all crops, including safflower, almond and sunflower.</p>\r\n\r\n<p>Oleosomes are naturally occurring spheres 1-5 &micro; in diameter which consist of a center core of emollient plant oils and vitamin E, surrounded by a phospholipid membrane and stabilized by a protein coat...</p>\r\n\r\n<p><a class=\"pull-right btn\">Read More</a></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 10:53:06\";s:12:\"cms_modified\";s:19:\"2015-08-05 16:53:24\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 10:53:06',	'2015-08-05 16:53:24',	7),
(99,	'video_block',	2,	'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:26:\"Hydresia Intro Video Block\";s:11:\"placeholder\";s:55:\"/upload/video_block/2/c2d1420239e6/videoplaceholder.png\";s:11:\"video_width\";s:1:\"6\";s:10:\"text_width\";s:1:\"6\";s:4:\"text\";s:543:\"<h2>A Difference You Can Feel</h2>\r\n\r\n<p>Oleosomes are structures found naturally in oil bearing plant seeds and serve as natural storehouses of energy used by the seed until germination. They are found in virtually all crops, including safflower, almond and sunflower.</p>\r\n\r\n<p>Oleosomes are naturally occurring spheres 1-5 &micro; in diameter which consist of a center core of emollient plant oils and vitamin E, surrounded by a phospholipid membrane and stabilized by a protein coat...</p>\r\n\r\n<p><a class=\"pull-right btn\">Read More</a></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 04:53:06\";s:12:\"cms_modified\";s:19:\"2015-08-28 14:45:13\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 04:53:06',	'2015-08-28 14:45:13',	7),
(100,	'three_column',	1,	'a:14:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:18:\"Hydresia Portofilo\";s:5:\"title\";s:18:\"Hydresia Portofilo\";s:16:\"background_color\";s:13:\"item-bg-green\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:215:\"<h1>SF2</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\r\n\r\n<hr />\r\n<p><strong>Data Sheet</strong></p>\r\n\r\n<p><strong>MSDS</strong></p>\r\n\r\n<p><strong>FAQ&#39;s</strong></p>\";s:13:\"second_column\";s:214:\"<h1>G2</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\r\n\r\n<hr />\r\n<p><strong>Data Sheet</strong></p>\r\n\r\n<p><strong>MSDS</strong></p>\r\n\r\n<p><strong>FAQ&#39;s</strong></p>\";s:12:\"third_column\";s:217:\"<h1>Dulce</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\r\n\r\n<hr />\r\n<p><strong>Data Sheet</strong></p>\r\n\r\n<p><strong>MSDS</strong></p>\r\n\r\n<p><strong>FAQ&#39;s</strong></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-06 08:38:13\";s:12:\"cms_modified\";s:19:\"2015-08-07 12:13:10\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-06 08:38:13',	'2015-08-07 12:13:10',	7),
(101,	'three_column',	2,	'a:14:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:9:\"Resources\";s:5:\"title\";s:9:\"Resources\";s:16:\"background_color\";s:0:\"\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:150:\"<p><img alt=\"\" src=\"/upload/body_image/attachments/2/faqs.png\" style=\"width: 200px; height: 200px;\" /></p>\r\n\r\n<p>Frequently Asked<br />\r\nQuestions</p>\";s:13:\"second_column\";s:142:\"<p><img alt=\"\" src=\"/upload/body_image/attachments/3/stories.png\" style=\"width: 197px; height: 197px;\" /></p>\r\n\r\n<p>Success<br />\r\nStories</p>\";s:12:\"third_column\";s:142:\"<p><img src=\"/upload/body_image/attachments/5/techincal.png\" style=\"width: 200px; height: 200px;\" /></p>\r\n\r\n<p>Techincal<br />\r\nLiterature</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-06 02:43:55\";s:12:\"cms_modified\";s:19:\"2015-08-07 12:09:46\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-06 02:43:55',	'2015-08-07 12:09:46',	7),
(102,	'three_column',	2,	'a:14:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:9:\"Resources\";s:5:\"title\";s:9:\"Resources\";s:16:\"background_color\";s:0:\"\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:150:\"<p><img alt=\"\" src=\"/upload/body_image/attachments/2/faqs.png\" style=\"width: 200px; height: 200px;\" /></p>\r\n\r\n<p>Frequently Asked<br />\r\nQuestions</p>\";s:13:\"second_column\";s:148:\"<p><img alt=\"\" src=\"/upload/body_image/attachments/3/stories.png\" style=\"width: 197px; height: 197px;\" /></p>\r\n\r\n<p>Formulations<br />\r\nShowcase</p>\";s:12:\"third_column\";s:142:\"<p><img src=\"/upload/body_image/attachments/5/techincal.png\" style=\"width: 200px; height: 200px;\" /></p>\r\n\r\n<p>Techincal<br />\r\nLiterature</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 20:43:55\";s:12:\"cms_modified\";s:19:\"2015-08-28 14:50:26\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 20:43:55',	'2015-08-28 14:50:26',	7),
(103,	'three_column',	2,	'a:14:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:9:\"Resources\";s:5:\"title\";s:9:\"Resources\";s:16:\"background_color\";s:0:\"\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:196:\"<p><a href=\"/_page29\"><img alt=\"\" src=\"/upload/body_image/attachments/2/faqs.png\" style=\"width: 200px; height: 200px;\" /></a></p>\r\n\r\n<p><a href=\"/_page29\">Frequently Asked<br />\r\nQuestions</a></p>\";s:13:\"second_column\";s:194:\"<p><a href=\"/_page32\"><img alt=\"\" src=\"/upload/body_image/attachments/3/stories.png\" style=\"width: 197px; height: 197px;\" /></a></p>\r\n\r\n<p><a href=\"/_page32\">Formulations<br />\r\nShowcase</a></p>\";s:12:\"third_column\";s:188:\"<p><a href=\"/_page28\"><img src=\"/upload/body_image/attachments/5/techincal.png\" style=\"width: 200px; height: 200px;\" /></a></p>\r\n\r\n<p><a href=\"/_page28\">Techincal<br />\r\nLiterature</a></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 14:43:55\";s:12:\"cms_modified\";s:19:\"2015-08-28 14:54:21\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 14:43:55',	'2015-08-28 14:54:21',	7),
(104,	'video_block',	2,	'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:26:\"Hydresia Intro Video Block\";s:11:\"placeholder\";s:55:\"/upload/video_block/2/c2d1420239e6/videoplaceholder.png\";s:11:\"video_width\";s:1:\"6\";s:10:\"text_width\";s:1:\"6\";s:4:\"text\";s:407:\"<h2>A Difference You Can Feel</h2>\r\n\r\n<p><span class=\"s1\">What do you get when you combine an oilseed that aspired to be more than a seed and a gentle, non-destructive extraction process that does not involve crushing, heating or using chemicals?&nbsp; Oleosomes, which consist of micron sized spheres of emollient plant oils and vitamin E.&nbsp;</span></p>\r\n\r\n<p><a class=\"pull-right btn\">Read More</a></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-04 22:53:06\";s:12:\"cms_modified\";s:19:\"2015-08-28 14:46:06\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-04 22:53:06',	'2015-08-28 14:46:06',	7),
(105,	'video_block',	2,	'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:26:\"Hydresia Intro Video Block\";s:11:\"placeholder\";s:55:\"/upload/video_block/2/c2d1420239e6/videoplaceholder.png\";s:11:\"video_width\";s:1:\"6\";s:10:\"text_width\";s:1:\"6\";s:4:\"text\";s:402:\"<h2>A Difference You Can Feel</h2>\r\n\r\n<p><span class=\"s1\">What do you get when you combine an oilseed that aspired to be more than a seed and a gentle, non-destructive extraction process that does not involve crushing, heating or using chemicals?&nbsp; Oleosomes, which consist of micron sized spheres of emollient plant oils and vitamin E.&nbsp;</span></p>\r\n\r\n<p><span class=\"btn\">Read More</span></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-04 16:53:06\";s:12:\"cms_modified\";s:19:\"2015-08-31 10:15:23\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-04 16:53:06',	'2015-08-31 10:15:23',	7),
(106,	'three_column',	1,	'a:14:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:18:\"Hydresia Portofilo\";s:5:\"title\";s:18:\"Hydresia Portofilo\";s:16:\"background_color\";s:13:\"item-bg-green\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:100:\"<h1>SF2</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\";s:13:\"second_column\";s:99:\"<h1>G2</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\";s:12:\"third_column\";s:102:\"<h1>Dulce</h1>\r\n\r\n<p>Powerful emulsifier and proven delivery system benefits in all personal care.</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-06 02:38:13\";s:12:\"cms_modified\";s:19:\"2015-08-28 14:47:08\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-06 02:38:13',	'2015-08-28 14:47:08',	7),
(107,	'three_column',	2,	'a:14:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:9:\"Resources\";s:5:\"title\";s:9:\"Resources\";s:16:\"background_color\";s:0:\"\";s:13:\"text_position\";s:11:\"item-center\";s:12:\"first_column\";s:198:\"<p><a href=\"/_page29\"><img alt=\"\" src=\"/upload/body_image/attachments/2/faqs.png\" style=\"width: 200px; height: 200px;\" /></a></p>\r\n\r\n<h3><a href=\"/_page29\">Frequently Asked<br />\r\nQuestions</a></h3>\";s:13:\"second_column\";s:196:\"<p><a href=\"/_page32\"><img alt=\"\" src=\"/upload/body_image/attachments/3/stories.png\" style=\"width: 197px; height: 197px;\" /></a></p>\r\n\r\n<h3><a href=\"/_page32\">Formulations<br />\r\nShowcase</a></h3>\";s:12:\"third_column\";s:190:\"<p><a href=\"/_page28\"><img src=\"/upload/body_image/attachments/5/techincal.png\" style=\"width: 200px; height: 200px;\" /></a></p>\r\n\r\n<h3><a href=\"/_page28\">Techincal<br />\r\nLiterature</a></h3>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-05 08:43:55\";s:12:\"cms_modified\";s:19:\"2015-08-28 14:55:13\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-05 08:43:55',	'2015-08-28 14:55:13',	7),
(108,	'collapsible',	2,	'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:22:\"How to load Hydresia®\";s:5:\"title\";s:22:\"How to load Hydresia®\";s:7:\"content\";s:3379:\"<p class=\"p3\" style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; background-color: rgb(255, 255, 255);\"><span class=\"s1\" style=\"box-sizing: border-box;\">Load actives, fragrances, vitamins or other oil soluble actives, into the core of the oleosomes for improved efficacy, and delayed release of the active on the skin over an extended period of time.&nbsp;</span></p>\r\n\r\n<p class=\"p5\" style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; background-color: rgb(255, 255, 255);\"><span class=\"s1\" style=\"box-sizing: border-box;\"><b style=\"box-sizing: border-box;\">Recommended ingredients</b>: Hydresia&reg;SF2<br style=\"box-sizing: border-box;\" />\r\n<b style=\"box-sizing: border-box;\">Typical use levels:</b>&nbsp;1-5% for most formulations<br style=\"box-sizing: border-box;\" />\r\n<b style=\"box-sizing: border-box;\">Tips:</b>&nbsp;Loading is completed in your lab.&nbsp; Generic procedure is to pre-mix your oil soluble active with Oleosomes under 400 rpm for up to one hour at a ratio of 2:1 or 3:1 (Hydresia:active).&nbsp;</span></p>\r\n\r\n<p class=\"p5\" style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; background-color: rgb(255, 255, 255);\"><span class=\"s1\" style=\"box-sizing: border-box;\">Once loading has taken place, you will see a homogenous mixture. Add this immediately to your emulsion. For an even more delayed release, add some glycerine after the pre-mix.&nbsp;</span></p>\r\n\r\n<p class=\"p3\" style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; background-color: rgb(255, 255, 255);\"><span class=\"s1\" style=\"box-sizing: border-box;\"><b style=\"box-sizing: border-box;\">How to use Hydresia&reg; as a primary emulsifier in Natural/Organic Formulations</b></span></p>\r\n\r\n<p class=\"p3\" style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; background-color: rgb(255, 255, 255);\"><span class=\"s1\" style=\"box-sizing: border-box;\">The result and core advantage is an &lsquo;emulsifier free&rsquo; natural and mild skincare product with superior aesthetics.</span></p>\r\n\r\n<p class=\"p3\" style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; background-color: rgb(255, 255, 255);\"><span class=\"s1\" style=\"box-sizing: border-box;\">&nbsp;&nbsp; &nbsp;<b style=\"box-sizing: border-box;\">Recommended Ingredient:</b>&nbsp;Hydresia&reg; SF2</span></p>\r\n\r\n<p class=\"p3\" style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; background-color: rgb(255, 255, 255);\"><span class=\"s1\" style=\"box-sizing: border-box;\">&nbsp;&nbsp; &nbsp;<b style=\"box-sizing: border-box;\">Typical use levels:&nbsp;</b>3-7% for most formuations</span></p>\r\n\r\n<p class=\"p5\" style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-family: Roboto; font-size: 14px; line-height: 20px; background-color: rgb(255, 255, 255);\"><span class=\"s1\" style=\"box-sizing: border-box;\"><b style=\"box-sizing: border-box;\">Tips:&nbsp;</b>Use thickeners to increase viscosity of water and oil phase. Limit homogenization to minutes.&nbsp; Add water phase incrementally (10% at a time) to prepared oil phase.</span></p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-08-31 16:12:19\";s:12:\"cms_modified\";s:19:\"2015-08-31 16:12:19\";s:20:\"cms_modified_by_user\";s:1:\"7\";}',	0,	'2015-08-31 16:12:19',	'2015-08-31 16:12:19',	7),
