{"id":12317,"date":"2019-04-30T10:10:15","date_gmt":"2019-04-30T17:10:15","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12317"},"modified":"2019-04-12T15:03:48","modified_gmt":"2019-04-12T22:03:48","slug":"canadian-housing-price-weakness-does-not-mean-collapse","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/04\/canadian-housing-price-weakness-does-not-mean-collapse\/","title":{"rendered":"Canadian Housing Price Weakness Does Not Mean Collapse"},"content":{"rendered":"<p style=\"text-align: justify;\">For only the second time in 20 years, Canadian home prices fell from February to March, at least according to one closely watched price index, but Canada\u2019s sixth-largest bank isn\u2019t concerned about a collapse.<\/p>\n<p style=\"text-align: justify;\">\u201cHome prices are adjusting to the recent rise in interest rates and stricter mortgage qualification rules. But price weakness does not mean collapse,\u201d says writes National Bank Senior Economist Marc Pinsonneault.<\/p>\n<p style=\"text-align: justify;\">The economist\u2019s comments were published alongside the results from latest Teranet-National Bank House, which showed home prices declined 0.3 percent in March compared to February.<\/p>\n<p style=\"text-align: justify;\">The only other time that happened in the index\u2019s 20-year history was March 2009, when the country was in the grips of a recession, National Bank notes.<\/p>\n<p style=\"text-align: justify;\">The monthly decline was the continuation of a trend that has seen prices decline for the past six months.<\/p>\n<p style=\"text-align: justify;\">On a year-over-year basis, prices remained up 1.5 percent but 1.7 percent off the peak reached in September 2018.<\/p>\n<p style=\"text-align: justify;\">However, there are bright spots in Canada\u2019s biggest markets, even if they\u2019re currently cooling.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Toronto, Canada\u2019s largest real estate market, apartment prices have been up for 17 consecutive months, while prices of other types of dwellings declined only 1.4% over the last 6 months,\u201d Pinsonneault notes.<\/p>\n<p style=\"text-align: justify;\">Toronto prices, including houses and condos, tumbled 0.29 percent from February but were 3.7 percent above year-ago levels.<\/p>\n<p style=\"text-align: justify;\">Vancouver prices slipped another 0.5 percent from February and are now 2.1 percent lower than they were a year ago and 4.3 percent away from the July 2018 all-time high. But Pinsonneault expects the bleeding to stop in the Vancouver market.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Vancouver, the most expensive market, employment growing 2.9% in Q1 on a &#8230;.. [year-over-year] basis should limit further home price declines,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\">And two markets are currently peaking: Montreal and Halifax.<\/p>\n<p style=\"text-align: justify;\">Montreal home prices have been on the rise for 49 months in a row, according to the Quebec Professional Association of Real Estate Brokers, and the index pegged its monthly growth at 0.1 percent and annual increase at 5.46 percent.<\/p>\n<p style=\"text-align: justify;\">Meantime, Halifax has seen interest from foreign homebuyers surge, and its prices climbed 0.7 percent month-over-month and 3 percent annually.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/04\/weak-stretch-doesnt-mean-canadas-housing-market-collapsing.html\" target=\"_blank\" rel=\"noopener noreferrer\">NO, A Weak Stretch Doesn&#8217;t Mean Canada&#8217;s Housing Market is Collapsing<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For only the second time in 20 years, Canadian home prices fell from February to March, at least according to one closely watched price index, but Canada\u2019s sixth-largest bank isn\u2019t &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/04\/canadian-housing-price-weakness-does-not-mean-collapse\/\">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-12317","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>Canadian Housing Price Weakness Does Not Mean Collapse &#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\/04\/canadian-housing-price-weakness-does-not-mean-collapse\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Housing Price Weakness Does Not Mean Collapse &#8226; 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