{"id":10704,"date":"2018-11-02T11:11:13","date_gmt":"2018-11-02T18:11:13","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10704"},"modified":"2018-10-25T09:11:35","modified_gmt":"2018-10-25T16:11:35","slug":"what-higher-interest-rates-mean-for-the-2019-canadian-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/what-higher-interest-rates-mean-for-the-2019-canadian-housing-market\/","title":{"rendered":"What Higher Interest Rates Mean for the 2019 Canadian Housing Market"},"content":{"rendered":"

As was widely expected, the Bank of Canada (BoC) hiked the overnight rate to 1.75 percent today.<\/p>\n

Higher interest rates inevitably lead to higher mortgage rates, which means industry players keep a close eye on the BoC\u2019s hikes, and how they could affect Canada\u2019s housing market.<\/p>\n

Rising rates could spook would-be buyers, placing downward pressure on the market. And, according to CIBC economist Avery Shenfeld, it looks like the Bank might be hiking rates at a faster pace heading into 2019.<\/p>\n

\u201cThe tone [of the Bank\u2019s announcement] was more hawkish than we expected, dropping the reference to \u201cgradual\u201d for hikes ahead (which markets will see as leaving the door open for two in a row, meaning a hike in December), and asserting that rates will have to keep climbing to \u201cneutral\u201d, which the Bank has estimated as near 3 percent,\u201d he writes, in his most recent note.<\/p>\n

Most economists agree that the rising-rate environment has had a positive impact on the Canadian housing market, helping to take it from bubble territory in 2017 to today\u2019s more balanced conditions.<\/p>\n

\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

Porter notes that the country\u2019s hottest markets, Vancouver and Toronto, now have price gains of just above 2 percent. But, he\u2019s also quick to add that if rates rise too quickly, it could have a negative impact on housing activity in 2019.<\/p>\n

\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 writes Porter.<\/p>\n

Interest Rates Were Just Hiked – Here’s What It Means for the 2019 Canadian Housing Market<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

As was widely expected, the Bank of Canada (BoC) hiked the overnight rate to 1.75 percent today. Higher interest rates inevitably lead to higher mortgage rates, which means industry players … [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-10704","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"\nWhat Higher Interest Rates Mean for the 2019 Canadian Housing Market • 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\/11\/what-higher-interest-rates-mean-for-the-2019-canadian-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What Higher Interest Rates Mean for the 2019 Canadian Housing Market • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As was widely expected, the Bank of Canada (BoC) hiked the overnight rate to 1.75 percent today. 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