{"id":10168,"date":"2018-08-30T10:10:58","date_gmt":"2018-08-30T17:10:58","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10168"},"modified":"2018-08-30T07:56:48","modified_gmt":"2018-08-30T14:56:48","slug":"the-canadian-housing-market-is-still-waiting-on-a-pick-up-in-activity","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/the-canadian-housing-market-is-still-waiting-on-a-pick-up-in-activity\/","title":{"rendered":"The Canadian Housing Market is Still Waiting on A Pick Up in Activity"},"content":{"rendered":"

While the Canadian housing market has seen a slight uptick in activity over the past few months, one economist warns that it will be quite awhile before the market returns to its formerly hot conditions.<\/p>\n

\u201cThose hoping to see a broad-based pick-up in activity [in July] were likely disappointed,\u201d writes RBC senior economist Robert Hogue, in a recent note.<\/p>\n

Hogue adds that while sales were up in July, the rise can be mainly attributed to the GTA, which seems to have finally adjusted to the effects of a new mortgage stress test introduced in January.<\/p>\n

\u201cResales did rise nationally on a month-over-month basis for a third-straight time in July to 463,300 units, though more than two-thirds of the increase occurred in single market \u2014 the GTA,\u201d he notes.<\/p>\n

Other markets continued to falter, as activity remained at a standstill in Vancouver, Edmonton and Montreal, and fell in Calgary. But according to Hogue, the lack activity might have nothing to do with a shortage of demand.<\/p>\n

\u201cBuyers may not have been the cause for the lack of traction in most markets last month,\u201d he writes. \u201cIn many cases, it looks like it was a drop in sellers. Widespread declines in new listings across Canada made it harder for buyers to find a suitable home.\u201d<\/p>\n

He also notes that where listings rose, sales followed \u2014 especially in Ontario.<\/p>\n

\u201cWhere new listings rose \u2014 like in the GTA, Hamilton, Windsor and Regina \u2014 resales picked up. We believe that would-be sellers will warm up to the market as more compelling evidence of a recovery emerges,\u201d he writes.<\/p>\n

As for where prices are headed in the coming months, Hogue predicts they should pick up slightly, without returning to last spring\u2019s record highs.<\/p>\n

\u201cWe don\u2019t think that the price acceleration at the national level in July is a sign of an impending return of overheated conditions,\u201d he writes. \u201cWe see limited scope for GTA prices \u2014 the main contributor to the acceleration \u2014 to sustain further material gains.\u201d<\/p>\n

RBC : The Canadian Housing Market is Still Waiting on A Pick Up in Activity<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

While the Canadian housing market has seen a slight uptick in activity over the past few months, one economist warns that it will be quite awhile before the market returns … [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-10168","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Canadian Housing Market is Still Waiting on A Pick Up in Activity • 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-still-waiting-on-a-pick-up-in-activity\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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