{"id":12364,"date":"2019-05-03T10:10:53","date_gmt":"2019-05-03T17:10:53","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12364"},"modified":"2019-04-17T14:33:08","modified_gmt":"2019-04-17T21:33:08","slug":"disappointing-canadian-housing-market-is-set-to-pick-up-this-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/disappointing-canadian-housing-market-is-set-to-pick-up-this-year\/","title":{"rendered":"&#8220;Disappointing&#8221; Canadian Housing Market is Set to Pick Up This Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Following a frosty February, Canadian home sales inched up in March and one of Canada\u2019s biggest banks expects the market to continue picking up speed.<\/p>\n<p style=\"text-align: justify;\">\u201cWe continue to believe that activity will improve\u2026 for a few reasons above and beyond the weather,\u201d writes BMO Chief Economist Douglas Porter in a response to March home sales data from the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">BMO had previously noted how weak February home sales were partly the result of rough weather.<\/p>\n<p style=\"text-align: justify;\">Beyond warmer weather ahead, Porter highlights three factors that should be supportive of higher home sales on the heels of improved activity in March, when home sales inched up a seasonally-adjusted 0.9 percent from February.<\/p>\n<p style=\"text-align: justify;\">First, Porter cites \u201crate relief,\u201d noting that lower interest rates are once again boosting home sales.<\/p>\n<p style=\"text-align: justify;\">Last year, it was expected the Bank of Canada would continue hiking its policy rate, which impacts mortgage interest rates, but that\u2019s no longer the consensus given a weaker-than-expected performance from the Canadian economy.<\/p>\n<p style=\"text-align: justify;\">The second encouraging factor is Canada\u2019s growing population. \u201cIt\u2019s not running at the fastest pace in a generation,\u201d Porter points out. Population growth is a key driver for housing markets as it creates demand for accomodations.<\/p>\n<p style=\"text-align: justify;\">And then there\u2019s the 2019 federal budget, which was released last month and includes a number of housing-related measures.<\/p>\n<p style=\"text-align: justify;\">Among them is a shared-equity mortgage scheme that will see the Canada Mortgage and Housing Corporation give qualified households up to 10 percent the value of a home in exchange for a corresponding equity stake in the property.<\/p>\n<p style=\"text-align: justify;\">The feds also increased the amount of money first-time homebuyers can take out of their RRSPs to $35,000, up from $25,000.<\/p>\n<p style=\"text-align: justify;\">\u201cThis year\u2019s Federal Budget measures will eventually provide some modest support for demand as well,\u201d says Porter.<\/p>\n<p style=\"text-align: justify;\">For now, national home prices remain muted. The benchmark price of a Canadian home was $617,200 in March, up 0.8 percent from February but 0.5 percent below the same time last year, though Porter notes there is a stark divide from east to west.<\/p>\n<p style=\"text-align: justify;\">\u201cPut it this way, all 8 major reporting cities west of Ontario saw average prices decline from a year ago in March,\u201d he writes. \u201cIn stark contrast, of the 18 reporting cities in central and eastern Canada, only 3 reported price drops.\u201d<\/p>\n<p style=\"text-align: justify;\">The differences between the Toronto and Vancouver area markets underscores this regional divergence.<\/p>\n<p style=\"text-align: justify;\">In the Greater Toronto Area, the benchmark price of a home is $779,100, an increase of 1.5 percent over February and 6 percent compared to March 2018.<\/p>\n<p style=\"text-align: justify;\">Greater Vancouver, on the other hand, saw the benchmark price dip 0.5 percent on a month-over-month basis to $1,011,200. That\u2019s 7.65 percent off year-ago levels.<\/p>\n<p style=\"text-align: justify;\">\u201cThe regional divide is wide,\u201d says Porter.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/04\/canadian-housing-market-pick-up-this-year.html\" target=\"_blank\" rel=\"noopener noreferrer\">&#8220;Disappointing&#8221; Canadian Housing Market is Set to Pick Up This Year<\/a> by Josh Sherman | Livabl<\/p>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a frosty February, Canadian home sales inched up in March and one of Canada\u2019s biggest banks expects the market to continue picking up speed. \u201cWe continue to believe that &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/disappointing-canadian-housing-market-is-set-to-pick-up-this-year\/\">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-12364","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>&quot;Disappointing&quot; 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