{"id":11894,"date":"2019-03-14T10:10:37","date_gmt":"2019-03-14T17:10:37","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11894"},"modified":"2019-03-06T14:46:26","modified_gmt":"2019-03-06T22:46:26","slug":"rough-winter-weather-made-home-sales-in-toronto-vancouver-go-from-bad-to-worse","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/rough-winter-weather-made-home-sales-in-toronto-vancouver-go-from-bad-to-worse\/","title":{"rendered":"Rough Winter Weather Made Home Sales in Toronto & Vancouver Go from Bad to Worse"},"content":{"rendered":"

Higher interest rates, tougher mortgage rules, and special taxes against foreign homebuyers and speculators aren\u2019t the only headwinds cooling some of Canada\u2019s major housing markets this winter.<\/p>\n

Toronto and Vancouver were slammed with snowy February\u2019s, and that could explain \u2014 at least some of \u2014 the softness seen in these markets last month, according to a new RBC report.<\/p>\n

\u201cWe would caution to jump to any conclusions too quickly in the middle of winter when the market is at its seasonal low point. Demand weakness can be easily exaggerated by blasts of bad weather. And February was particularly brutal across Canada this year,\u201d reads the RBC report.<\/p>\n

In February, home sales in Vancouver were down 32.8 percent compared to the same month a year earlier, according to the Real Estate Board of Vancouver. Within the first two weeks of February, the city had already been buried by three times the usual amount of snow for the entire month.<\/p>\n

Meantime, Toronto sales were off 2.4 percent in February, by the Toronto Real Estate Board\u2019s count. So much snow has fallen in Toronto recently that city workers are literally hauling it off the streets and putting it in storage in the biggest winter cleanup since 2010.<\/p>\n

The 1,484 homes that changed hands in Metro Vancouver and the 5,025 homes that sold across the Greater Toronto Area represent 10-year lows in each market for the month of February.<\/p>\n

In a client note about Toronto\u2019s frosty market, RBC Senior Economist Robert Kavcic echoes RBC\u2019s commentary on a possible seasonal effect. \u201cImportantly, February was a nasty weather month in Toronto (great for winter surf, but very bad for house shopping), at a time when volumes were seasonally low anyways,\u201d he explains.<\/p>\n

\u201cSo, we\u2019d probably brush this number off and wait for a better read in the March-through-May period,\u201d Kavcic concludes.<\/p>\n

Rough Winter Weather Made Home Sales in Toronto & Vancouver Go from Bad to Worse<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Higher interest rates, tougher mortgage rules, and special taxes against foreign homebuyers and speculators aren\u2019t the only headwinds cooling some of Canada\u2019s major housing markets this winter. Toronto and Vancouver … [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-11894","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nRough Winter Weather Made Home Sales in Toronto & Vancouver Go from Bad to Worse • 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\/03\/rough-winter-weather-made-home-sales-in-toronto-vancouver-go-from-bad-to-worse\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Rough Winter Weather Made Home Sales in Toronto & Vancouver Go from Bad to Worse • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Higher interest rates, tougher mortgage rules, and special taxes against foreign homebuyers and speculators aren\u2019t the only headwinds cooling some of Canada\u2019s major housing markets this winter. 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