{"id":11156,"date":"2018-12-21T10:10:36","date_gmt":"2018-12-21T18:10:36","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11156"},"modified":"2018-12-14T11:30:28","modified_gmt":"2018-12-14T19:30:28","slug":"cooling-demand-is-bringing-down-canadian-housing-hpi","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/12\/cooling-demand-is-bringing-down-canadian-housing-hpi\/","title":{"rendered":"Cooling Demand is Bringing Down Canadian Housing HPI"},"content":{"rendered":"<p style=\"text-align: justify;\">In yet another sign that the Canadian housing market is cooling off in the final quarter of 2018, a national house price index dropped for the second month in a row in November.<\/p>\n<p style=\"text-align: justify;\">The Teranet-National Bank Composite National House Price Index fell 0.3 percent last month, following a 0.4 percent drop in October.<\/p>\n<p style=\"text-align: justify;\">\u201cHome price weakness in some major metropolitan areas is evidenced by a second consecutive decline in the national Composite Index,\u201d writes Marc Pinsonneault, a senior economist with the National Bank, in his most recent analysis.<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=11157\" rel=\"attachment wp-att-11157\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-11157\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/12\/national-bank-288x202.png\" alt=\"\" width=\"600\" height=\"421\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/12\/national-bank-288x202.png 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/12\/national-bank.png 483w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a>The index tracks home prices in 11 of Canada\u2019s largest housing markets. According to Pinsonneault, stricter mortgage qualification rules and higher interest rates have \u201ccooled demand significantly\u201d in almost every market.<\/p>\n<p style=\"text-align: justify;\">\u201cFor instance, in Vancouver, November was a fourth month in a row without a rise in home prices, for a cumulative drop of 1.8 percent,\u201d he writes. \u201cIn Toronto, prices declined over the last three months, for a total loss of 0.4 percent.\u201d<\/p>\n<p style=\"text-align: justify;\">The high price tags of both markets, combined with higher mortgage rates and a difficult-to-pass mortgage stress test, have left many buyers on the sidelines.<\/p>\n<p style=\"text-align: justify;\">But it\u2019s also a bleak picture for typically more affordable cities, including those in the generally cooler Alberta market.<\/p>\n<p style=\"text-align: justify;\">\u201cPrices did not rise for a fifth month in a row in Calgary, and for a third consecutive month in Edmonton, for cumulative declines of 1.4 percent and 1.3 percent respectively,\u201d writes Pinsonneault.<\/p>\n<p style=\"text-align: justify;\">The one remaining area of strength is Montreal, which continues to see sales hit record levels, boosted by strong job growth and relatively affordable home prices. And, Pinsonneault notes that there is still hope for the national market in the new year, given that the Bank of Canada may wait til the spring to hike the overnight rate.<\/p>\n<p style=\"text-align: justify;\">\u201cWith interest rates set to rise more slowly than previously thought, hopes for a soft landing of the Canadian home resale market are still warranted,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2018\/12\/cooling-demand-bringing-canadian-housing-prices-national-bank.html\" data-wplink-edit=\"true\">National Bank : Cooling Demand is Bringing Down Canadian Housing Prices<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In yet another sign that the Canadian housing market is cooling off in the final quarter of 2018, a national house price index dropped for the second month in a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/12\/cooling-demand-is-bringing-down-canadian-housing-hpi\/\">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-11156","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>Cooling Demand is Bringing Down Canadian Housing HPI &#8226; 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