{"id":12618,"date":"2019-05-31T10:10:09","date_gmt":"2019-05-31T17:10:09","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12618"},"modified":"2019-05-31T10:13:35","modified_gmt":"2019-05-31T17:13:35","slug":"canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/","title":{"rendered":"Canada&#8217;s Housing Market is Finally Recovering from The Mortgage Stress Test"},"content":{"rendered":"<p style=\"text-align: justify;\">At long last the Canadian housing market appears to be shaking off the effects of the mortgage stress test.<\/p>\n<p style=\"text-align: justify;\">National home sales increased 4.2 percent in April on a year-over-year basis, according to Canadian Real Estate Association numbers published today.<\/p>\n<p style=\"text-align: justify;\">BMO Chief Economist Douglas Porter notes the significance of the pickup in activity, which was also up 3.6 percent from the previous month.<\/p>\n<p style=\"text-align: justify;\">\u201cWith the back-to-back gains, sales pushed 4.2% above year-ago levels, the first such increase since the stress test changes were brought in at the start of 2018,\u201d Porter writes in a response to the CREA data.<\/p>\n<p style=\"text-align: justify;\">\u201cOverall, today\u2019s results are a tad better than expected, and reinforce the view that the housing market looks to be stabilizing after the wave of policy changes in recent years, and with a return to milder weather,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">In January 2018, the federal government introduced stress testing for uninsured mortgages, following a similar policy for the insured segment that originated in 2016.<\/p>\n<p style=\"text-align: justify;\">Under the new stress test, a homebuyer who can cough up a downpayment of at least 20 percent \u2014 the minimum for an uninsured mortgage \u2014 still has to qualify at a rate that is 200 basis points above what their federally regulated lender is offering.<\/p>\n<p style=\"text-align: justify;\">The policy change hampered the market as it created a higher barrier to homeownership and, as with any new rule, added uncertainty.<\/p>\n<p style=\"text-align: justify;\">But now, as home sales activity picks up, prices are also increasing. The benchmark price of a Canadian home was $621,700 in April, up 0.7 percent from March and 0.5 percent from six months ago. The benchmark is still down 0.3 percent compared to April 2018, however.<\/p>\n<p style=\"text-align: justify;\">\u201cWe continue to contend that prices, sales and starts are likely to hold broadly stable nationally in 2019 amid the many moving parts for the market,\u201d says BMO\u2019s Porter. \u201cIt\u2019s no bad thing that the Canadian housing market is finally lacking in drama, especially given the surplus of drama elsewhere these days.\u201d<\/p>\n<p style=\"text-align: justify;\">Here\u2019s how prices have changed in major markets across the country :<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/canadian-home-prices-april-2019\/\" rel=\"attachment wp-att-12619\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-12619\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019-288x231.png\" alt=\"\" width=\"605\" height=\"485\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019-288x231.png 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019.png 716w\" sizes=\"auto, (max-width: 605px) 100vw, 605px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/05\/canadas-housing-market-recovering-mortgage-stress-test.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canada&#8217;s Housing Market is Finally Recovering from The Mortgage Stress Test<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At long last the Canadian housing market appears to be shaking off the effects of the mortgage stress test. National home sales increased 4.2 percent in April on a year-over-year &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/\">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-12618","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>Canada&#039;s Housing Market is Finally Recovering from The Mortgage Stress Test &#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\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada&#039;s Housing Market is Finally Recovering from The Mortgage Stress Test &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"At long last the Canadian housing market appears to be shaking off the effects of the mortgage stress test. National home sales increased 4.2 percent in April on a year-over-year &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019.png\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Canada&#8217;s Housing Market is Finally Recovering from The Mortgage Stress Test\",\"datePublished\":\"2019-05-31T17:10:09+00:00\",\"dateModified\":\"2019-05-31T17:13:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/\"},\"wordCount\":356,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/05\\\/canadian-home-prices-april-2019-288x231.png\",\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/\",\"name\":\"Canada's Housing Market is Finally Recovering from The Mortgage Stress Test &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/05\\\/canadian-home-prices-april-2019-288x231.png\",\"datePublished\":\"2019-05-31T17:10:09+00:00\",\"dateModified\":\"2019-05-31T17:13:35+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/05\\\/canadian-home-prices-april-2019.png\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/05\\\/canadian-home-prices-april-2019.png\",\"width\":716,\"height\":574},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/05\\\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Canada&#8217;s Housing Market is Finally Recovering from The Mortgage Stress Test\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Canada's Housing Market is Finally Recovering from The Mortgage Stress Test &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/","twitter_card":"summary_large_image","twitter_title":"Canada's Housing Market is Finally Recovering from The Mortgage Stress Test &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"At long last the Canadian housing market appears to be shaking off the effects of the mortgage stress test. National home sales increased 4.2 percent in April on a year-over-year &hellip; [read more]","twitter_image":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019.png","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Canada&#8217;s Housing Market is Finally Recovering from The Mortgage Stress Test","datePublished":"2019-05-31T17:10:09+00:00","dateModified":"2019-05-31T17:13:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/"},"wordCount":356,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"image":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/#primaryimage"},"thumbnailUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019-288x231.png","articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/","url":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/","name":"Canada's Housing Market is Finally Recovering from The Mortgage Stress Test &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/#primaryimage"},"image":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/#primaryimage"},"thumbnailUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019-288x231.png","datePublished":"2019-05-31T17:10:09+00:00","dateModified":"2019-05-31T17:13:35+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/"]}]},{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/#primaryimage","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019.png","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/canadian-home-prices-april-2019.png","width":716,"height":574},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadas-housing-market-is-finally-recovering-from-the-mortgage-stress-test\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Canada&#8217;s Housing Market is Finally Recovering from The Mortgage Stress Test"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/12618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=12618"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/12618\/revisions"}],"predecessor-version":[{"id":12755,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/12618\/revisions\/12755"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=12618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=12618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=12618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}