{"id":10851,"date":"2018-11-21T10:10:38","date_gmt":"2018-11-21T18:10:38","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10851"},"modified":"2018-11-13T10:01:05","modified_gmt":"2018-11-13T18:01:05","slug":"canadian-housing-market-to-remain-stable-subdued","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/canadian-housing-market-to-remain-stable-subdued\/","title":{"rendered":"Canadian Housing Market to Remain &#8220;Stable &#038; Subdued&#8221;"},"content":{"rendered":"<p style=\"text-align: justify;\">While Canadian home sales have been inching up month-over-month, they have remained firmly below 2017-levels all year. And, according to a new note from BMO senior economist Robert Kavcic, that\u2019s unlikely to change anytime soon.<\/p>\n<p style=\"text-align: justify;\">\u201c[The Canadian Real Estate Association] will release the full set of October housing market data [this week], and the overall picture will continue to look stable\/subded,\u201d writes Kavcic. \u201cNational sales are estimated to be down 6 percent year-over-year, slightly improved from September\u2019s 8.9 percent year-over-year decline.\u201d<\/p>\n<p style=\"text-align: justify;\">Kavcic predicts that the average price for a home will rise 1 percent year-over-year, partly due to the ongoing sales decline in the Vancouver market.<\/p>\n<p style=\"text-align: justify;\">\u201cRecall that in the prior month, the median average price gain across the 26 markets tracked was just under 3 percent year-over-year, confirming the relative home price stability across most of the country,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Another continuing trend? A East-West divide in performance, with markets in Ontario and Quebec posting strong activity gains, while Alberta and BC continue to struggle.<\/p>\n<p style=\"text-align: justify;\">\u201cOn the strong side, Ottawa and Montreal continue to churn out near-7 percent year-over-year price gains amid tight conditions,\u201d writes Kavcic. \u201cOn the weak side, Vancouver sales were down a still deep 35 percent year-over-year, with prices for both detached homes and condos correcting.\u201d<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the Toronto market has largely balanced out, with sales up 6 percent year-over-year.The average sale price for a home rose 3.5 percent year-over-year last month, hitting $807,340, and the MLS Home Price Index Composite Benchmark was up 2.6 percent year-over-year.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/11\/canadian-housing-market-remain-stable-subdued-bmo.html\" target=\"_blank\" rel=\"noopener\">BMO : Canadian Housing Market to Remain &#8220;Stable &amp; Subdued&#8221;<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While Canadian home sales have been inching up month-over-month, they have remained firmly below 2017-levels all year. And, according to a new note from BMO senior economist Robert Kavcic, that\u2019s &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/canadian-housing-market-to-remain-stable-subdued\/\">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-10851","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>Canadian Housing Market to Remain &quot;Stable &amp; Subdued&quot; &#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\/canadian-housing-market-to-remain-stable-subdued\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Housing Market to Remain &quot;Stable &amp; Subdued&quot; &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"While Canadian home sales have been inching up month-over-month, they have remained firmly below 2017-levels all year. 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