One of Canada's largest real estate firms says the surge in home sales bumped up prices across Ontario, with a double-digit increase in the Niagara area.

The policy change will lower some homebuyers' purchasing power.

The country's national housing agency says it's changing the credit score needed to get mortgage insurance to 680 from 600 and limiting the gross and total debt servicing ratios to 35 and 42 respectively.

The Canada Mortgage and Housing Corp. manages the national housing strategy, which totals some $40 billion in federal and provincial spending, and billions more to help first-time home buyers and others applying for mortgages.

Sam Sanderson, general manager of the P.E.I. Construction Association, said many builders are fully booked for new home construction until 2021.

Chris Guérette said she has two takeaways from a recent CMHC report that found low evidence of overbuilding in Saskatoon.

CMHC says it’s changed its overall rating of vulnerability for the Saskatoon housing market from moderate to low while evidence of overbuilding still exists in Regina.

Across the province, the vacancy rate has decreased from 3.2% to 2.6%, with five-of-seven cities reporting declines.

The findings show that the average rent that tenants paid in 2019 was $841, a 3.6 per cent increase from the year before.

Canada Mortgage and Housing Corp. says rental apartment vacancy rates last year hit their lowest level since 2002 after a third consecutive year of declines.