{"id":10453,"date":"2018-09-29T10:10:55","date_gmt":"2018-09-29T17:10:55","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10453"},"modified":"2018-09-28T13:43:57","modified_gmt":"2018-09-28T20:43:57","slug":"creas-expectations-for-canadian-housing-market-for-balance-of-2018","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/creas-expectations-for-canadian-housing-market-for-balance-of-2018\/","title":{"rendered":"CREA’s Expectations for Canadian Housing Market for Balance of 2018"},"content":{"rendered":"

The Canadian Real Estate Board (CREA) has issued its expectations for regions throughout the country, and as a whole, for the remainder of 2018 and into 2019.<\/p>\n

Expect things to remain flat.<\/p>\n

\u201cEconomic and demographic fundamentals remain supportive for housing demand in many parts of the country; however, policy headwinds have impacted home buyer sentiment and access to mortgage financing in many housing markets. Further expected interest rate increases, combined with this year\u2019s new federal mortgage stress test are expected to continue to keep home sales activity in check over the rest of the year and into 2019,\u201d says CREA in a statement, adding the latest mortgage stress test has had serious effects on markets across the country.<\/p>\n

\u201cWhen the new mortgage stress test was announced last October, it was expected that many home buyers would precipitate their purchases during the two-and-a-half-month window before it took effect this year. In reality, the response to the new policy was stronger than expected. In December 2017, seasonally adjusted national home sales surged to the highest on record before dropping sharply in early 2018.<\/p>\n

\u201cWith much of 2018 now in the rear-view mirror, the stress-test on all new mortgages continues to weigh on home sales. National activity is on track to hit a five-year low in 2018.\u201d<\/p>\n

CREA expects even more financial hurdles will be put in place for home buyers to jump over.<\/p>\n

\u201cAdditional interest rate increases expected this year and in 2019 will continue to raise the bar that borrowers must clear to qualify for mortgage financing.<\/p>\n

\u201cTaking these factors into account, national sales are expected to decline by 9.8 percent to 462,900 units in 2018. The revised national forecast is little changed from CREA\u2019s previous forecast published in June, with stronger than expected activity in Ontario offsetting weaker than anticipated activity in British Columbia. Both provinces are nonetheless still projected to post double-digit declines in sales activity this year and account for most of the national decrease.\u201d<\/p>\n

In Alberta, CREA expects sales to moderate over the balance of the year compared to levels this summer, while prices in the hard hit energy resource-based provinces are forecast to edge down slightly by 1.5 percent in Alberta, Saskatchewan and Newfoundland and Labrador.<\/p>\n

\u201cIn these provinces, particularly in the latter two, supply is historically elevated in relation to demand,\u201d says CREA. \u201cMeanwhile, prices are forecast to remain stable from 2018 to 2019 in Alberta, while further edging down in Saskatchewan and Newfoundland and Labrador.\u201d<\/p>\n

CREA’s Expectations for Canadian Housing Market for Balance of 2018<\/a> by Myke Thomas | The Kingston Whig Standard<\/p>\n","protected":false},"excerpt":{"rendered":"

The Canadian Real Estate Board (CREA) has issued its expectations for regions throughout the country, and as a whole, for the remainder of 2018 and into 2019. Expect things to … [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-10453","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nCREA's Expectations for Canadian Housing Market for Balance of 2018 • 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\/creas-expectations-for-canadian-housing-market-for-balance-of-2018\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA's Expectations for Canadian Housing Market for Balance of 2018 • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian Real Estate Board (CREA) has issued its expectations for regions throughout the country, and as a whole, for the remainder of 2018 and into 2019. 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