{"id":10667,"date":"2018-10-26T11:11:51","date_gmt":"2018-10-26T18:11:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10667"},"modified":"2018-10-19T10:37:44","modified_gmt":"2018-10-19T17:37:44","slug":"homebuyers-are-seeing-more-options-in-the-housing-marketplace","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/homebuyers-are-seeing-more-options-in-the-housing-marketplace\/","title":{"rendered":"Homebuyers Are Seeing More Options in The Housing Marketplace"},"content":{"rendered":"<p style=\"text-align: justify;\">While plenty of attention has been paid to Canadian home sales and prices this month, there\u2019s one metric that has been receiving less buzz, even as it starts to creep upwards.<\/p>\n<p style=\"text-align: justify;\">New listings jumped in both Toronto and Vancouver in September, giving buyers a bit more choice in the famously tight housing markets.<\/p>\n<p style=\"text-align: justify;\">\u201cNot that long ago, a lack of supply was often an issue limiting activity, especially in Vancouver and Toronto,\u201d writes Robert Hogue, a senior economist at RBC, in his most recent note. \u201cThe upshot for buyers is that they\u2019re seeing more options in the marketplace.\u201d<\/p>\n<p style=\"text-align: justify;\">Listings rose 4.4 percent month-over-month in Vancouver and 5.2 percent month-over-month in Toronto in September. That has meant different things for each city \u2014 Toronto had been inching towards a sellers\u2019 market over the summer, while Vancouver has been solidly in balanced territory for months.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Toronto, this easing in demand-supply conditions reversed part of the tightening that occurred over the summer though balance prevailed,\u201d writes Hogue. \u201cIn Vancouver, the easing has brought the market closer to buyers\u2019 market position. This explains why Vancouver\u2019s benchmark price has been under significant downward pressure lately, including in September.\u201d<\/p>\n<p style=\"text-align: justify;\">Ultimately Hogue sees the uptick in listings as good news for the Canadian housing market, and a sign that it is continuing to adjust to stricter mortgage qualification rules and higher interest rates.<\/p>\n<p style=\"text-align: justify;\">\u201cThe cooling of Canada\u2019s market \u2014 especially Vancouver and Toronto \u2014 remains on track,\u201d he writes. \u201cWe expect overall activity to stay more or less in a holding pattern over the coming year.\u201d<\/p>\n<p style=\"text-align: justify;\">What does that holding pattern look like? A small 2.8 percent home resale gain in 2019, and a 10.2 percent decline for 2018.<\/p>\n<p style=\"text-align: justify;\">\u201cWe project Canada-wide prices to increase just barely by 0.8 percent next year following a 3.1 percent gain this year,\u201d concludes Hogue.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/10\/rise-canadian-home-listings-finally-giving-buyers-choice.html\" target=\"_blank\" rel=\"noopener\">A Rise in Canadian Home Listings is Finally Giving Buyers Some Choice<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While plenty of attention has been paid to Canadian home sales and prices this month, there\u2019s one metric that has been receiving less buzz, even as it starts to creep &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/homebuyers-are-seeing-more-options-in-the-housing-marketplace\/\">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-10667","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Homebuyers Are Seeing More Options in The Housing Marketplace &#8226; 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