{"id":10028,"date":"2018-08-13T08:08:15","date_gmt":"2018-08-13T15:08:15","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10028"},"modified":"2018-08-09T10:04:34","modified_gmt":"2018-08-09T17:04:34","slug":"canadas-housing-market-correction-is-in-the-real-view-mirror","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/canadas-housing-market-correction-is-in-the-real-view-mirror\/","title":{"rendered":"Canada’s Housing Market Correction is In The “Real-View Mirror”"},"content":{"rendered":"

The Canadian housing market has weathered a series of blows this year, including a mortgage stress test which sent sales plunging in January. But there is another factor placing a downward pressure on the market \u2014 rising interest rates.<\/p>\n

The Bank of Canada hiked the overnight rate to 1.50 basis points in July, and many economists predict it will do so again before the end of the year. According to BMO chief economist Douglas Porter, the fiscal policy is starting to take its toll on the housing market.<\/p>\n

\u201cThere are growing signs that past rate moves are starting to bite,\u201d he writes, in a recent note.<\/p>\n

Porter notes that the 100 basis point rise in the overnight rate over the past year has weighed on consumer spending, borrowing, and the housing sector.<\/p>\n

\u201cThe early return for July home sales suggests that activity is still moderating in much of the country from the 1-2 hit of rising mortgage rates and a tighter regulatory backdrop,\u201d he writes. \u201cWhile Toronto bucked that trend with an 18% year-over-year rise in sales, this was from very low levels a year ago, and they are still down 30% from two years ago.\u201d<\/p>\n

It\u2019s unclear how much pressure rising interest rates will place on the market moving forward, but several industry players are wary of their potential effect.<\/p>\n

Earlier this month, Canadian Real Estate Association chief economist Gregory Klump told Livabl that rate hikes could take a bite out of the market in 2019.<\/p>\n

\u201cWe\u2019re in a rising interest rate environment, and that affects affordability, what buyers are able to purchase,\u201d he said. \u201cSo we\u2019ll have to see what effect that has on the market in the coming months.\u201d<\/p>\n

TD : Canada’s Housing Market Correction is in the “Real-View Mirror”<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

The Canadian housing market has weathered a series of blows this year, including a mortgage stress test which sent sales plunging in January. 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