{"id":11103,"date":"2018-12-14T10:10:45","date_gmt":"2018-12-14T18:10:45","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11103"},"modified":"2018-12-11T19:56:14","modified_gmt":"2018-12-12T03:56:14","slug":"the-canadian-housing-market-has-fallen-to-the-bottom-of-the-global-price-ranking","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/12\/the-canadian-housing-market-has-fallen-to-the-bottom-of-the-global-price-ranking\/","title":{"rendered":"The Canadian Housing Market Has Fallen to The Bottom of The Global Price Ranking"},"content":{"rendered":"

After two years of holding court at the top of global price rankings, the Canadian housing market took another price tumble last quarter.<\/p>\n

While the country\u2019s housing market held fourth spot on property consultancy Knight Frank\u2019s quarterly global price index in 2016 and 2017, it\u2019s now fallen all the way to number 44 of the 57-city list.<\/p>\n

The decline is thanks to the introduction of foreign-buyer taxes in BC and Ontario, along with stricter mortgage qualification rules and steadily rising interest rates.<\/p>\n

Of course, performance varies from city to city. Vancouver has had a particularly difficult year, with a stricter foreign buyer tax introduced this spring as the market was already struggling to adjust to the change in mortgage rules.<\/p>\n

\u201cOf those countries where a rate rise has taken place in 2018, a number have a significant gap between their strongest and weakest performing city,\u201d reads a Knight Frank release from last quarter.<\/p>\n

While the cooling activity may have eaten into Canada\u2019s standing in the ranking, it\u2019s certainly what policy makers were hoping for when they introduced foreign-buyer taxes, stricter mortgage rules, and higher interest rates. The Bank of Canada, which hiked the overnight rate to 1.75 percent in October and will likely do so again in the new year, has made it clear that a more balanced housing market was a desired outcome.<\/p>\n

\u201cHousehold credit and regional housing markets appear to be stabilizing following a significant slowdown in recent quarters,\u201d the Bank wrote, in its most recent release. \u201cThe bank continues to monitor the impact on both builders and buyers of tighter mortgage rules, regional housing policy changes, and higher interest rates.\u201d<\/p>\n

Once on Top, The Canadian Housing Market Has Fallen to The Bottom of The Global Price Ranking<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

After two years of holding court at the top of global price rankings, the Canadian housing market took another price tumble last quarter. While the country\u2019s housing market held fourth … [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-11103","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Canadian Housing Market Has Fallen to The Bottom of The Global Price Ranking • 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\/12\/the-canadian-housing-market-has-fallen-to-the-bottom-of-the-global-price-ranking\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Housing Market Has Fallen to The Bottom of The Global Price Ranking • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After two years of holding court at the top of global price rankings, the Canadian housing market took another price tumble last quarter. 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