{"id":10753,"date":"2018-11-07T10:10:31","date_gmt":"2018-11-07T18:10:31","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10753"},"modified":"2018-10-27T19:49:41","modified_gmt":"2018-10-28T02:49:41","slug":"the-issues-affecting-the-canadian-housing-market-in-the-final-quarter-of-2018","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/the-issues-affecting-the-canadian-housing-market-in-the-final-quarter-of-2018\/","title":{"rendered":"The Issues Affecting The Canadian Housing Market in the Final Quarter of 2018"},"content":{"rendered":"<p style=\"text-align: justify;\">The third quarter of 2018 brought some warmth to the Canadian housing market, as both sales and prices began to inch upwards after months of cooling activity.<\/p>\n<p style=\"text-align: justify;\">But now a few weeks into the final quarter of the year, the market is facing some potential headwinds that could take things off course. This week, the Bank of Canada hiked the overnight rate to 1.75 percent, a move that some commentators believe could put downward pressure on home sales.<\/p>\n<p style=\"text-align: justify;\">For a closer look at issues affecting the market in the final months of 2018, Livabl has rounded up the latest industry commentary, to keep you in the know.<\/p>\n<p style=\"text-align: justify;\"><strong>Affordability is still a concern for many<\/strong><\/p>\n<p style=\"text-align: justify;\">Despite an easing of home prices over the past year, some would-be home buyers are staying on the sidelines, deterred by the lack of affordable options of Canada\u2019s hottest housing markets.<\/p>\n<p style=\"text-align: justify;\">More than one-third of buyers have concerns around buying a home, according to a poll by the Canada Mortgage and Housing Corporation (CMHC) released last week. The survey results were comprised of 4,000 recent mortgage consumers who had qualified for mortgages in the past year.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen compared to other factors such as type of neighbourhood, proximity to work and overall condition of the home, almost twice as many first-time buyers reported price\/affordability as being the most important factor when buying a home,\u201d reads the CMHC release.<\/p>\n<p style=\"text-align: justify;\">Those concerned about housing affordability should brace for prices to continue to rise in the near future. The price of a Canadian home rose 2.2 percent last quarter to $625,499, a trend that is likely to continue into 2019, according to a recent pricing forecast from Royal LePage.<\/p>\n<p style=\"text-align: justify;\"><strong>Interest rates are on the rise<\/strong><\/p>\n<p style=\"text-align: justify;\">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<p style=\"text-align: justify;\">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<p style=\"text-align: justify;\">\u201cThe tone [of the Bank\u2019s announcement this week] 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 Shenfeld wrote, in his most recent note.<\/p>\n<p style=\"text-align: justify;\"><strong>Overvalued markets<\/strong><\/p>\n<p style=\"text-align: justify;\">Most Canadian housing markets have seen overvaluation concerns ease over the past year, as housing activity continues to adjust to rising interest rates and stricter mortgage rules. But, according to a new release from the Canada Mortgage and Housing Corporation (CMHC), some markets remain in a vulnerable position.<\/p>\n<p style=\"text-align: justify;\">CMHC listed Vancouver, Victoria, Toronto and Hamilton as cities with a \u201chigh degree of overall vulnerability,\u201d singling out Montreal as a market with particularly worrying market conditions.<\/p>\n<p style=\"text-align: justify;\">\u201cMontreal\u2019s resale market is close to overheating, creating significant upward pressure on prices as a result of a sharp tightening between supply and demand,\u201d reads the CMHC release.<\/p>\n<p style=\"text-align: justify;\">\u201cThe active listings-to-sales ratio, continued to decrease, thereby also showing the Montreal resale market has been tightening and increasingly favourable to sellers,\u201d writes Marie-Claude Guilotte, an economist for CMHC.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/10\/3-issues-facing-canadian-housing-market-final-quarter-2018.html\" target=\"_blank\" rel=\"noopener\">3 Issues Facing The Canadian Housing Market in the Final Quarter of 2018<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The third quarter of 2018 brought some warmth to the Canadian housing market, as both sales and prices began to inch upwards after months of cooling activity. But now a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/the-issues-affecting-the-canadian-housing-market-in-the-final-quarter-of-2018\/\">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-10753","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Issues Affecting The Canadian Housing Market in the Final Quarter of 2018 &#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\/11\/the-issues-affecting-the-canadian-housing-market-in-the-final-quarter-of-2018\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Issues Affecting The Canadian Housing Market in the Final Quarter of 2018 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The third quarter of 2018 brought some warmth to the Canadian housing market, as both sales and prices began to inch upwards after months of cooling activity. 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