{"id":10330,"date":"2018-09-17T10:10:07","date_gmt":"2018-09-17T17:10:07","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10330"},"modified":"2018-09-10T12:27:36","modified_gmt":"2018-09-10T19:27:36","slug":"home-price-gains-are-a-sign-of-the-policy-induced-cooling-period","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/home-price-gains-are-a-sign-of-the-policy-induced-cooling-period\/","title":{"rendered":"Home Price Gains are A Sign of the Policy-Induced Cooling Period"},"content":{"rendered":"

August saw housing markets across Canada post year-over-year home prices gains, in what many are calling the end of a policy-induced cooling period. But will the jump in activity carry on into the fall? One economist says yes.<\/p>\n

\u201cIt\u2019s official : the Toronto benchmark price is no longer falling on a year-over-year basis. It returned to positive territory in August \u2014 more or less on cue \u2014 marking an end to a correction that lasted five months,\u201d writes RBC senior economist Robert Hogue, in a recent note.<\/p>\n

Those hoping that the Ontario government\u2019s Fair Housing Plan and new mortgage rules would put a damper on housing activity are going to be disappointed, writes Hogue, who notes that sales have also been on the rise these past few months.<\/p>\n

\u201cGreater Toronto Area resales jumped 22% cumulatively in June and July (on a seasonally-adjusted basis) from decade-low levels,\u201d he writes. \u201cActivity rose further month-over-month in August though the pace moderated significantly to just 2%.\u201d<\/p>\n

But while Hogue predicts that prices will continue to rise, he\u2019s quick to note that they will likely do so at a modest pace, avoiding the frenzy of last spring\u2019s red-hot market.<\/p>\n

\u201c[Our] view [is] that rising interest rates, the stress test and affordability issues will drain away the market\u2019s momentum in the period ahead,\u201d he writes. \u201cWe think that low single-digit (year-over-year) increases will be the norm for a while. We see little that would disrupt the current balance between demand and supply in the market.\u201d<\/p>\n

And it\u2019s not just the GTA that can expect single-digit year-over-year increases. Hogue points out that the Greater Vancouver Area\u2019s benchmark price was up 4.1% year-over-year in August, the slowest rate of growth in more than four years.<\/p>\n

\u201cThe market continues to be under heavy pressure at this point as it wrestles with recently implemented provincial measures designed to cool things down as well as higher interest rates, the stress test and severe affordability issues,\u201d he writes. \u201cHome resales definitely were soft again in August \u2014 they were 25% below the 10-year average for the month.\u201d<\/p>\n

RBC : Canadian August Home Price Gains are A “Sign of Things to Come”<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

August saw housing markets across Canada post year-over-year home prices gains, in what many are calling the end of a policy-induced cooling period. But will the jump in activity carry … [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-10330","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nHome Price Gains are A Sign of the Policy-Induced Cooling Period • 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\/home-price-gains-are-a-sign-of-the-policy-induced-cooling-period\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Price Gains are A Sign of the Policy-Induced Cooling Period • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"August saw housing markets across Canada post year-over-year home prices gains, in what many are calling the end of a policy-induced cooling period. 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