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<p><strong>OTTAWA, November 24, 2014</strong> — Results from Canada
Mortgage and Housing Corporation’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>
<p>“CMHC is committed to expanding the availability of information about
Canada’s housing markets. This knowledge will ultimately contribute to a
stronger housing finance system,â€ said Evan Siddall, President and
Chief Executive Officer of CMHC. “The HPAA adds to CMHC’s efforts to
identify, and where appropriate, fill significant data and information
gaps.â€</p>
<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) —
Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Québec and
Halifax.</p>
<p>“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,â€ said Bob Dugan, CMHC’s Chief
Economist. “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.â€</p>
<p>“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,â€ noted Mr. Dugan. </p>
<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 — Canada</em> <em>Edition</em></a>.</p>
<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’s Housing Market Outlook which will be published in Q2 and Q4 in
2015. </p>
<p>As Canada’s authority on housing, CMHC continually works to increase
the amount of available data and analysis on the housing market. </p>
<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>
<p>Follow CMHC on Twitter <a href="http://www.twitter.com/CMHC_ca">@CMHC_ca</a>. </p>
<h2>Backgrounder </h2>
<p>CMHC’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>
<ol>
<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply </li>
<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity </li>
<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity </li>
<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure. </li>
</ol>
<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>
<h2>HPAA Results</h2>
<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>
<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>
<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>
<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>
<p>Montréal and Québec 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>
<p>In both Montréal and Québec, 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>
<p>Unlike the situation in Toronto, Calgary and Halifax, these
fundamental demographic and economic drivers of housing demand have not
yet “turned the cornerâ€ in Montréal and Québec, 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 Montréal and Québec. </p>
<table class="DataTable hpaaTable1"><caption>
Table 1: Overall housing market assessment for Canada’s major centres
</caption>
<thead><tr><th>HPAA Risks Factors</th>
<th colspan="2">Current Overall Assessment</th>
<th class="THRotated"><span>Overheating</span></th>
<th class="THRotated"><span>Acceleration in&nbsp;house prices</span></th>
<th class="THRotated"><span>Overvaluation</span></th>
<th class="THRotated"><span>Overbuilding</span></th>
</tr></thead><tbody><tr><th>National</th>
<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>
<td><strong>Low Risk</strong> — 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>
<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>
<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>
<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>
<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>
</tr><tr><th>Vancouver</th>
<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>
<td><strong>Low Risk</strong> — The level of home prices in Vancouver is
supported by local growth in personal disposable income and long-term
population growth. </td>
<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>
<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>
<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>
<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>
</tr><tr><th>Calgary</th>
<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>
<td><strong>Low Risk</strong> — Overvaluation in Calgary reflects the
combination of strong growth in house prices and modest gains in
personal disposable income. </td>
<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>
<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>
<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>
<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>
</tr><tr><th>Edmonton</th>
<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>
<td><strong>Low Risk</strong> — 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>
<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>
<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>
<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>
<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>
</tr><tr><th>Toronto</th>
<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>
<td><strong>Moderate Risk</strong> — 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 — inventories need to be managed. </td>
<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>
<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>
<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>
<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>
</tr><tr><th>Ottawa</th>
<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>
<td><strong>Low Risk</strong> — House prices in Ottawa are in line with population growth and growth in personal disposable income. </td>
<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>
<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>
<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>
<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>
</tr><tr><th>Montréal</th>
<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>
<td><strong>Moderate Risk</strong> — 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 — inventories need to be managed. </td>
<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>
<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>
<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>
<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>
</tr><tr><th>Québec</th>
<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>
<td><strong>Moderate Risk</strong> — In Québec, 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>
<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>
<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>
<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>
<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>
</tr><tr><th>Halifax</th>
<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>
<td><strong>Low Risk</strong> — 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>
<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>
<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>
<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>
<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>
</tr></tbody></table>
<table class="DataTable hpaaTable1Legend"><thead><tr><th colspan="2">Level of risk</th>
<th colspan="2">Direction of risk from the last assessment</th>
</tr></thead><tbody><tr><td style="background-color:#92d050;width:20px;"></td>
<td>Low risk</td>
<td class="centeredData">↔</td>
<td>Stable, unchanged</td>
</tr><tr><td style="background-color:#ffff00;width:20px;"></td>
<td>Moderate risk</td>
<td class="centeredData">↑</td>
<td>Increased</td>
</tr><tr><td style="background-color:#e36c0a;width:20px;"></td>
<td>High risk</td>
<td class="centeredData">↓</td>
<td>Decreased</td>
</tr></tbody></table>
<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>
<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>
<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>
<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>
<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>
<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>
<h2>HPAA Risk Factors</h2>
<h3>1. Overheating </h3>
<p>Overheating is a possible early indicator of problematic housing
market conditions. Overheating is caused by demand running “too far
aheadâ€ 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>
<h3>2. Acceleration In House Prices</h3>
<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>
<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>
<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>
<h3>3. Overvaluation</h3>
<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>
<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>
<h3>4. Overbuilding</h3>
<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>
<a></a><p></p>
<table class="DataTable hpaaTable2"><caption>
Table 2: HPAA risk factors and related indicators
</caption>
<thead><tr><th>Risk Factor</th>
<th>Indicator(s)</th>
</tr></thead><tbody><tr><td>Overheating</td>
<td>
<ul>
<li>Multiple Listings Service (MLS®) sales-to-new listings ratio </li>
</ul>
</td>
</tr><tr><td>Acceleration in house prices</td>
<td>
<ul>
<li>MLS® average price </li>
</ul>
</td>
</tr><tr><td>Overvaluation </td>
<td>
<ul>
<li>MLS® average price</li>
<li>Statistics Canada’s New Housing Price Index (NHPI)</li>
<li>Teranet-National Bank House Price Index</li>
</ul>
</td>
</tr><tr><td>Overbuilding</td>
<td>
<ul>
<li>Rental vacancy rate</li>
<li>Inventory of completed and unabsorbed housing units by 10,000 population </li>
</ul>
</td></tr></tbody></table>
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