{"id":11459,"date":"2019-01-23T10:10:33","date_gmt":"2019-01-23T18:10:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11459"},"modified":"2019-01-16T11:36:32","modified_gmt":"2019-01-16T19:36:32","slug":"the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/01\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\/","title":{"rendered":"The Canadian Home Prices Drop Wasn&#8217;t as Bad as It Seems"},"content":{"rendered":"<p style=\"text-align: justify;\">Although much has been made about the decline in Canadian home sales and prices, one economist suggests it wasn\u2019t as bad as it seems.<\/p>\n<p style=\"text-align: justify;\">\u201cRemember : If the price of every house in the neighbourhood stays the same in a given year, but fewer of the expensive ones change hands in favour of the cheaper ones, the \u2018average price\u2019 will fall,\u201d writes Robert Kavcic, a senior economist for BMO, in a client note.<\/p>\n<p style=\"text-align: justify;\">Kavcic acknowledges the fact that, yes, Canadian home prices did indeed fall in 2018.<\/p>\n<p style=\"text-align: justify;\">The average price of a Canadian home this past December was $472,000, down 4.9 percent from the same month a year ago, according to the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">For the whole year, home prices were down by 4.1 percent marking the biggest drop since 1995, Kavcic notes.<\/p>\n<p style=\"text-align: justify;\">\u201cBut the decline is exaggerated by the arithmetic of a changing sales mix,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">What Kavcic means is, sales were especially soft in the costly Toronto and Vancouver markets, which is going to have considerable pull on the national average price.<\/p>\n<p style=\"text-align: justify;\">Removing Greater Vancouver and the GTA from calculations trims close to $100,000 from the national average, CREA says.<\/p>\n<p style=\"text-align: justify;\">\u201cMain points here: It wasn\u2019t as bad as the headline 2018 national price decline looks; but it wasn\u2019t good for much of the country either; and this year could see housing stagnation become a wider and more persistent theme,\u201d Kavcic concludes.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/01\/drop-2018-canadian-home-prices.html\">The Drop in 2018 Canadian Home Prices Isn&#8217;t What It Seems<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although much has been made about the decline in Canadian home sales and prices, one economist suggests it wasn\u2019t as bad as it seems. \u201cRemember : If the price of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\/\">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-11459","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Canadian Home Prices Drop Wasn&#039;t as Bad as It Seems &#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\/2019\/01\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Home Prices Drop Wasn&#039;t as Bad as It Seems &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Although much has been made about the decline in Canadian home sales and prices, one economist suggests it wasn\u2019t as bad as it seems. \u201cRemember : If the price of &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"The Canadian Home Prices Drop Wasn&#8217;t as Bad as It Seems\",\"datePublished\":\"2019-01-23T18:10:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\\\/\"},\"wordCount\":259,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/the-canadian-home-prices-drop-wasnt-as-bad-as-it-seems\\\/\",\"name\":\"The Canadian Home Prices Drop Wasn't as Bad as It Seems &#8226; 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