{"id":10530,"date":"2018-10-10T10:10:08","date_gmt":"2018-10-10T17:10:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10530"},"modified":"2018-10-03T11:26:02","modified_gmt":"2018-10-03T18:26:02","slug":"the-canadian-housing-market-should-prepare-for-a-period-of-slower-price-growth-over-the-next-5-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/the-canadian-housing-market-should-prepare-for-a-period-of-slower-price-growth-over-the-next-5-years\/","title":{"rendered":"The Canadian Housing Market Should Prepare for A Period of “Slower Price Growth” Over the Next 5 Years"},"content":{"rendered":"

After a period of cooling earlier in the year, plenty of headlines have focused on a rebound in the Canadian housing market over the past quarter. But according to a new report, industry watchers should prepare for a period of \u201cslower price growth\u201d over the next five years.<\/p>\n

That\u2019s because a rising interest rate environment should keep housing prices from climbing too quickly, according to the latest forecast from Moody\u2019s Analytics and RPS Real Property Solutions.<\/p>\n

\u201cThe [Bank of Canada] will continue to tighten short-term interest rates through 2020 in order to head off inflation,\u201d writes Moody\u2019s economist Andrew Carbacho-Burgos, in the report. \u201cWith some lag, monetary tightening will pull up mortgage rates.\u201d<\/p>\n

The projection also reviewed which Canadian housing markets are over and undervalued. Coming in first was Toronto, which Moody\u2019s believes is overpriced by 51%, a 2% drop from May. Meanwhile, Vancouver was considered overpriced by 40%.<\/p>\n

Undervalued cities included Edmonton, which Moody\u2019s considers to be underpriced by 20%, while most Atlantic cities are listed as \u201cmoderately undervalued.\u201d<\/p>\n

\u201cThe national housing market still has a long way to go before it regains the level of affordabil\u00adity it had before 2015, when prices in Toronto and Vancouver took off, but has now taken the first steps to do so,\u201d writes Carbacho-Burgos. \u201cThe important points are, first, that there is no serious projected house price correction,\u201d he added.<\/p>\n

Another important point? That median family income growth has a good chance of keeping up with, and potentially outpacing, home prices in the next five years. That, combined with a lack of a significant home price decline should prevent mortgage debt performance from deteriorating, according to Carbacho-Burgos.<\/p>\n

\u201cThe main downside risk now is that the measures taken to stabilize housing affordability and mortgage credit quality may prove too strong and may precipitate not just a house price correction, but also an extended decline in sales and possibly a reduction in homeownership,\u201d he writes. \u201cHowever, the data for July and August indicate that home sales and house price growth have started to rally, so it is too soon to be pessimistic.\u201d<\/p>\n

The Canadian Housing Market is About to Enter 5 Years of “Slower Price Growth”<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

After a period of cooling earlier in the year, plenty of headlines have focused on a rebound in the Canadian housing market over the past quarter. But according to a … [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-10530","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Canadian Housing Market Should Prepare for A Period of "Slower Price Growth" Over the Next 5 Years • 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\/10\/the-canadian-housing-market-should-prepare-for-a-period-of-slower-price-growth-over-the-next-5-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Housing Market Should Prepare for A Period of "Slower Price Growth" Over the Next 5 Years • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After a period of cooling earlier in the year, plenty of headlines have focused on a rebound in the Canadian housing market over the past quarter. 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