{"id":10078,"date":"2018-08-22T10:10:09","date_gmt":"2018-08-22T17:10:09","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10078"},"modified":"2018-08-11T13:01:59","modified_gmt":"2018-08-11T20:01:59","slug":"the-canadian-housing-market-is-not-out-of-the-woods-yet","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/the-canadian-housing-market-is-not-out-of-the-woods-yet\/","title":{"rendered":"The Canadian Housing Market Is Not Out of The Woods Yet"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home sales were up for the second consecutive month in July, prompting industry watchers to wonder if the market had finally adjusted to the effects of various government policies.<\/p>\n<p style=\"text-align: justify;\">While it\u2019s true that the market appears to be past the worst of its correction, there are still several factors at play that will keep things from returning to the red-hot pace of spring 2017.<\/p>\n<p style=\"text-align: justify;\">For a closer look at the reasons why the market isn\u2019t out of the woods just yet, Livabl has rounded up the latest industry commentary, to keep you in the know.<\/p>\n<p style=\"text-align: justify;\"><strong>Interest rate hikes are putting a damper on things<\/strong><\/p>\n<p style=\"text-align: justify;\">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<p style=\"text-align: justify;\">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<p style=\"text-align: justify;\">\u201cThere are growing signs that past rate moves are starting to bite,\u201d he writes, in a recent note.<\/p>\n<p style=\"text-align: justify;\">Those signs include relatively flat prices, which Porter predicts will stay cool for the remainder of the year.<\/p>\n<p style=\"text-align: justify;\"><strong>Stricter mortgage rules are still playing a role<\/strong><\/p>\n<p style=\"text-align: justify;\">Porter also notes that the new mortgage rules are weighing on housing activity, and should continue to do so in the coming months.<\/p>\n<p style=\"text-align: justify;\">\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<p style=\"text-align: justify;\"><strong>Vancouver is having a particularly hard time<\/strong><\/p>\n<p style=\"text-align: justify;\">Along with new mortgage rules and higher interest rates, Vancouver is struggling to deal with stricter foreign buyer rules, imposed earlier this year.<\/p>\n<p style=\"text-align: justify;\">TD senior economist Josh Marple notes that the city\u2019s slumping activity isn\u2019t just limited to sales.<\/p>\n<p style=\"text-align: justify;\">\u201cIn the GVA, meanwhile\u2026growth in quality-adjusted home prices (the only reported metric) slowed to its softest pace since 2015,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\">Real Estate Board of Greater Vancouver president Phil Moore attributes the sinking prices to a lack of demand.<\/p>\n<p style=\"text-align: justify;\">\u201cWith fewer buyers active in today\u2019s market, we\u2019re seeing less upward pressure on home prices across the region,\u201d he writes, in a statement.<\/p>\n<p style=\"text-align: justify;\">According to Moore, demand is softest in the detached home market, but condos are also suffering the effects of a lack of buyer interest.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the city\u2019s housing supply is starting to creep upwards. There were 12,137 homes on the market in July, up 32% year-over-year.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/08\/think-canadian-housing-market-woods-maybe-not-according-experts.html\" target=\"_blank\" rel=\"noopener\">Think The Canadian Housing Market is Out of The Woods? Maybe Not<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home sales were up for the second consecutive month in July, prompting industry watchers to wonder if the market had finally adjusted to the effects of various government policies. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/the-canadian-housing-market-is-not-out-of-the-woods-yet\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10078","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Canadian Housing Market Is Not Out of The Woods Yet &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/the-canadian-housing-market-is-not-out-of-the-woods-yet\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Housing Market Is Not Out of The Woods Yet &#8226; 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