{"id":11518,"date":"2019-02-01T10:10:06","date_gmt":"2019-02-01T18:10:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11518"},"modified":"2019-01-30T10:21:27","modified_gmt":"2019-01-30T18:21:27","slug":"the-bad-news-for-potential-canadian-homebuyers-in-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/02\/the-bad-news-for-potential-canadian-homebuyers-in-2019\/","title":{"rendered":"The Bad News for Potential Canadian Homebuyers in 2019"},"content":{"rendered":"<p style=\"text-align: justify;\">Housing markets in big Canadian cities are heading towards stability this year \u2014 not a crash \u2014 and while that\u2019s good news for the economy at large, homebuyer hopefuls looking for more affordable options will be disappointed.<\/p>\n<p style=\"text-align: justify;\">\u201cA soft landing is in the cards. Not welcome news for potential homebuyers, as affordability will only worsen in the year ahead,\u201d writes John Stackhouse, senior vice president, office of the CEO of RBC, in analysis published this month.<\/p>\n<p style=\"text-align: justify;\">Stackhouse, also the former editor-in-chief of the Globe and Mail, notes an environment of low interest rates in recent years supported home price increases. Low rates fueled demand from homebuyers.<\/p>\n<p style=\"text-align: justify;\">\u201cBut just because rates are now rising, don\u2019t expect a major decline in 2019,\u201d he says.<\/p>\n<p style=\"text-align: justify;\">Although the cost of borrowing has increased as the Bank of Canada has hiked its policy rate five times since July 2017, Stackhouse suggests certain fundamentals should support housing markets, even the priciest ones, this year.<\/p>\n<p style=\"text-align: justify;\">\u201cWe see prices in Canada\u2019s major cities holding steady in 2019, thanks to Canada\u2019s lowest unemployment rate in more than 40 years and the fastest-growing population in the G7,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\">Concerns have been raised about high household debt in Canada, given the cost of servicing debt is rising, and economists expects more Bank of Canada policy rate hikes are coming.<\/p>\n<p style=\"text-align: justify;\">But Stackhouse puts average debt levels in perspective. \u201cThe average household will pay $1,000 more to service its debts. Some good news: we expect household incomes to rise more than that,\u201d he explains.<\/p>\n<p style=\"text-align: justify;\">That\u2019s not to say there won\u2019t be any economic impacts. \u201cExpect some belt-tightening in 2019 as households cut back on big ticket items like new cars and trucks,\u201d says Stackhouse.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/01\/bad-news-canadian-homebuyers-2019.html\">The Bad News for Potential Canadian Homebuyers in 2019<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing markets in big Canadian cities are heading towards stability this year \u2014 not a crash \u2014 and while that\u2019s good news for the economy at large, homebuyer hopefuls looking &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/02\/the-bad-news-for-potential-canadian-homebuyers-in-2019\/\">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-11518","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Bad News for Potential Canadian Homebuyers in 2019 &#8226; 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