{"id":10696,"date":"2018-10-28T10:10:34","date_gmt":"2018-10-28T17:10:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10696"},"modified":"2018-10-26T09:39:30","modified_gmt":"2018-10-26T16:39:30","slug":"october-interest-rate-hike-could-be-good-news-for-the-canadian-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/october-interest-rate-hike-could-be-good-news-for-the-canadian-housing-market\/","title":{"rendered":"October Interest Rate Hike Could Be Good News for the Canadian Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Rising interest rates are frequently cited as a potential issue for Canadians looking to purchase a home. But according to one economist, they\u2019re actually good news for the country\u2019s housing market.<\/p>\n<p style=\"text-align: justify;\">\u201cCanada\u2019s previously hot housing market and robust household borrowing trends have given way to much calmer activity in 2018, and that\u2019s a good thing,\u201d writes Douglas Porter, chief economist at BMO, in a recent note.<\/p>\n<p style=\"text-align: justify;\">According to Porter, stricter mortgage rules and rising interest rates have taken the market out of bubble territory into a more healthy and balanced state.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada (BoC) raised the overnight rate to 1.50 percent in July, and is widely expected to do so again later this week.<\/p>\n<p style=\"text-align: justify;\">\u201cPolicymakers probably couldn\u2019t have asked for a better outcome for the national market this year, with September figures showing MLS prices up 2.3 percent \u2014 almost precisely in line with [inflation] pace of 2.2 percent last month,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\">Other good signs? Household debt growth has cooled to its slowest pace in 35 years, a relief for a country with some of the highest debt levels in the world.<\/p>\n<p style=\"text-align: justify;\">\u201cEven the two previous rowdies \u2014 Vancouver and Toronto \u2014 are now looking at price gains of just a bit above 2 percent,\u201d notes Porter.<\/p>\n<p style=\"text-align: justify;\">But while he cites higher interest rates as a key factor in the cooler conditions, Porter is quick to note that raising rates too fast could have a negative impact on the market. That\u2019s why the BoC should take its time raising rates after its likely October hike.<\/p>\n<p style=\"text-align: justify;\">\u201cStill, there are plenty of warnings about the past build-up in debt and the vulnerability of the household sector to further rate hikes, a key reason why the Bank of Canada is likely to remain on a gradual tightening path,\u201d he concludes.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/10\/heres-october-interest-rate-hike-good-news-canadian-housing-market.html\" target=\"_blank\" rel=\"noopener\">Here&#8217;s Why an October Interest Rate Hike Could Be Good News for the Canadian Housing Market<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rising interest rates are frequently cited as a potential issue for Canadians looking to purchase a home. But according to one economist, they\u2019re actually good news for the country\u2019s housing &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/october-interest-rate-hike-could-be-good-news-for-the-canadian-housing-market\/\">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":[9],"tags":[],"class_list":["post-10696","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>October Interest Rate Hike Could Be Good News for the Canadian Housing Market &#8226; 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\/october-interest-rate-hike-could-be-good-news-for-the-canadian-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"October Interest Rate Hike Could Be Good News for the Canadian Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Rising interest rates are frequently cited as a potential issue for Canadians looking to purchase a home. 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