{"id":10404,"date":"2018-10-02T10:10:46","date_gmt":"2018-10-02T17:10:46","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10404"},"modified":"2018-09-24T11:41:52","modified_gmt":"2018-09-24T18:41:52","slug":"the-crea-housing-market-are-heading-in-a-more-healthy-moderate-pace","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/the-crea-housing-market-are-heading-in-a-more-healthy-moderate-pace\/","title":{"rendered":"The CREA Housing Market are Heading in A More Healthy Moderate Pace"},"content":{"rendered":"

The Canadian housing market continued to warm up in August, as national home sales climbed 0.9% month-over-month.<\/p>\n

The modest growth reflects a market which has largely adjusted to the effects of a new mortgage stress test, but still faces the headwind of rising interest rates, according to a new report from the Canadian Real Estate Association (CREA).<\/p>\n

\u201cEconomic and demographic fundamentals remain supportive for housing demand in many parts of the country; however, policy headwinds have impacted homebuyer sentiment and access to mortgage financing in many housing markets,\u201d reads the report. \u201cFurther expected interest rate increases ….. are expected to continue to keep home sales activity in check over the rest of the year and into 2019.\u201d<\/p>\n

The report notes that additional interest rate increases expected this year and in 2019 will \u201ccontinue to raise the bar that borrowers must clear to qualify for mortgage financing.\u201d The Bank of Canada hiked the overnight rate to 1.50% in July, and is widely expected to do so again in October.<\/p>\n

\u201cI think, when you look at the August sales numbers, we\u2019re seeing the market react to a series of policy changes,\u201d Royal LePage Signature Realty sales representative Cam Woolfrey tells Livabl. \u201cThe fall market is here, which traditionally brings higher prices and more activity, but higher interest rates are going to keep some people on the sidelines.\u201d<\/p>\n

National sales could decline by 9.8% in 2018, according to the CREA report, while the national average price is projected to ease to $494,900, down 2.8% year-over-year.<\/p>\n

\u201cWhen you starting looking at 10-year averages, I think prices are heading in a more healthy direction, as opposed to the large peaks and deep valleys we\u2019ve seen over the last year or so,\u201d says Woolfrey. \u201cIn markets like Toronto, where there\u2019s still strong demand, prices will continue to move upwards, but at a more moderate pace.\u201d<\/p>\n

CREA : The Canadian Housing Market Will Be Kept “In Check” for the Rest of the Year<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

The Canadian housing market continued to warm up in August, as national home sales climbed 0.9% month-over-month. 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