{"id":10272,"date":"2018-09-03T08:08:56","date_gmt":"2018-09-03T15:08:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10272"},"modified":"2018-09-01T08:07:44","modified_gmt":"2018-09-01T15:07:44","slug":"the-canadian-housing-market-looking-ahead-into-september","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/the-canadian-housing-market-looking-ahead-into-september\/","title":{"rendered":"The Canadian Housing Market Looking Ahead into September"},"content":{"rendered":"<p style=\"text-align: justify;\">As summer comes to a close, the Canadian housing market seems to be on track for a warmer fall.<\/p>\n<p style=\"text-align: justify;\">After months of slumping activity, sales and prices were up month-over-month in June and July, in what many economists are interpreting as a comeback for the market, after a slow start to the year.<\/p>\n<p style=\"text-align: justify;\">But what specifically should industry watchers be looking out for heading into September? Livabl house rounded up the latest expert commentary, to give you a better sense of what factors could affect the market next month.<\/p>\n<p style=\"text-align: justify;\"><strong>Real estate investment is on the rise<\/strong><\/p>\n<p style=\"text-align: justify;\">The Canadian economy expanded by 2.9% in Q2, as the housing market finally adjusted to the effects of a new mortgage stress test.<\/p>\n<p style=\"text-align: justify;\">Real estate investment had dropped 2.7% year-over-year in Q1, but a boost in national home sales led to a 0.3% year-over-year increase in Q2.<\/p>\n<p style=\"text-align: justify;\">According to TD senior economist Brian DePratto, it\u2019s a trend that\u2019s likely to continue heading into the fall.<\/p>\n<p style=\"text-align: justify;\">\u201cLooking ahead, a more \u2018normal\u2019 pace of growth should prevail,\u201d he wrote, in a recent note. \u201cHousing activity seems to have bottomed, and so we expect residential investment to continue making a positive contribution, counterbalanced by disruptions in the energy sector.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>A rate hike is on its way<\/strong><\/p>\n<p style=\"text-align: justify;\">Higher interest rates lead to higher mortgage payments for Canadian homeowners, and could affect home sale activity. And, according to a recent note from Capital Economics senior Canada economist Stephen Brown, the Bank of Canada will likely hike the overnight rate again this fall.<\/p>\n<p style=\"text-align: justify;\">\u201cEven if NAFTA negotiations are concluded successfully this week, the Bank of Canada is likely to wait until October before it raises interest rates,\u201d writes Brown.<\/p>\n<p style=\"text-align: justify;\">The Bank hiked the rate to 1.50% in July, and is widely expected to do so again before the end of the year.<\/p>\n<p style=\"text-align: justify;\"><strong>Pricey markets could cause residents to relocate<\/strong><\/p>\n<p style=\"text-align: justify;\">This week, a new poll from the Angus Reid Institute found that 38% of Toronto homeowners are seriously considering moving out of the city, as housing affordability continues to deteriorate.<\/p>\n<p style=\"text-align: justify;\">According to Zoocasa managing editor Penelope Graham, there\u2019s a pretty good chance that younger Toronto residents might consider moving into other Ontario markets, that are a little less pricey.<\/p>\n<p style=\"text-align: justify;\">\u201cWe can\u2019t really say definitively if these particular homeowners are likely to move out of the city, but persistently high condo prices in the city core could motivate current homeowners to cash in and put their equity towards larger properties that are closer to their place of work,\u201d she told Livabl earlier this week.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/09\/watch-canadian-housing-market-september-according-experts.html\" target=\"_blank\" rel=\"noopener\">What to Watch for in The Canadian Housing Market This September<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As summer comes to a close, the Canadian housing market seems to be on track for a warmer fall. After months of slumping activity, sales and prices were up month-over-month &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/the-canadian-housing-market-looking-ahead-into-september\/\">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-10272","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Canadian Housing Market Looking Ahead into September &#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\/09\/the-canadian-housing-market-looking-ahead-into-september\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Housing Market Looking Ahead into September &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As summer comes to a close, the Canadian housing market seems to be on track for a warmer fall. 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