{"id":12537,"date":"2019-05-22T10:10:14","date_gmt":"2019-05-22T17:10:14","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12537"},"modified":"2019-05-08T10:58:42","modified_gmt":"2019-05-08T17:58:42","slug":"canadian-housing-market-will-be-back-in-growth-mode","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadian-housing-market-will-be-back-in-growth-mode\/","title":{"rendered":"Canadian Housing Market Will Be Back in Growth Mode"},"content":{"rendered":"<p style=\"text-align: justify;\">The governor of the Bank of Canada suggests it won\u2019t be long before the country\u2019s housing market has bounced back and starts growing once again.<\/p>\n<p style=\"text-align: justify;\">\u201cAs markets stabilize in Toronto and Vancouver, the Canadian housing sector should return to growth overall later this year,\u201d Stephen Poloz, governor of the Bank of Canada, said in a speech to the Canadian Credit Union Association and Winnipeg Chamber of Commerce on Monday.<\/p>\n<p style=\"text-align: justify;\">Poloz notes that, on a national level, housing is propped up by fundamentals \u2014 such as an increasing population and a healthy, strong labour market \u2014 at a time of cheap credit, by historical standards.<\/p>\n<p style=\"text-align: justify;\">Lower oil prices have taken the wind out of the sails in markets in Alberta and Saskatchewan. But many others have shown positive signs, with Poloz noting resale activity in Halifax, Moncton, Montreal, Ottawa and, recently, Winnipeg.<\/p>\n<p style=\"text-align: justify;\">What has played out in Toronto and Vancouver doesn\u2019t reflect weak fundamentals. Instead, it\u2019s the fallout from policy moves that arrived at a time when real estate was overheating.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen house prices are rising rapidly, people tend to extrapolate that experience and buy houses early to avoid further price increases, or to profit from them if they are speculators,\u201d Poloz explains. \u201cIn other words, markets become frothy.\u201d<\/p>\n<p style=\"text-align: justify;\">But when homebuyers\u2019 price expectations adjust in hot markets, demand can evaporate quickly, which is exactly what happened in Toronto and Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cThe trigger could be anything, including new taxes on foreign buyers, stricter mortgage guidelines, rising interest rates, or simply that rising prices create an affordability roadblock for more and more people,\u201d he explains.<\/p>\n<p style=\"text-align: justify;\">Now, 16 months after federal policymakers expanded stress testing to cover uninsured mortgages, there are signs that some markets are shaking off the effects.<\/p>\n<p style=\"text-align: justify;\">In a note sent to clients this week, BMO Senior Economist Robert Kavcic suggests Toronto real estate has finally found bottom.<\/p>\n<p style=\"text-align: justify;\">On a seasonally-adjusted basis, Toronto area home sales climbed 11 percent. \u201cThat would leave activity at the highest level since the start of 2018 when accounting for seasonality,\u201d writes Kavcic.<\/p>\n<p style=\"text-align: justify;\">Some of that increase is the result of pent-up demand from the rough winter months, when a spell of bad weather likely sidelined homebuyers, Kavcic notes.<\/p>\n<p style=\"text-align: justify;\">\u201cBut, the market is also stabilizing as we fully expected. Interest rates are backing off have helped (both affordability and psychology), while broader supply-demand dynamics in the GTA remain very supportive,\u201d Kavcic says.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/05\/canadian-housing-market-growth-mode.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadian Housing Market Will Be Back in Growth Mode &#8220;Later This Year&#8221;<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The governor of the Bank of Canada suggests it won\u2019t be long before the country\u2019s housing market has bounced back and starts growing once again. \u201cAs markets stabilize in Toronto &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadian-housing-market-will-be-back-in-growth-mode\/\">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-12537","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>Canadian Housing Market Will Be Back in Growth Mode &#8226; 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