{"id":12953,"date":"2019-07-04T10:10:04","date_gmt":"2019-07-04T17:10:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12953"},"modified":"2019-06-18T15:45:39","modified_gmt":"2019-06-18T22:45:39","slug":"expect-canadas-hardest-hit-housing-markets-to-stabilize-through-the-rest-of-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/expect-canadas-hardest-hit-housing-markets-to-stabilize-through-the-rest-of-2019\/","title":{"rendered":"Expect Canada’s Hardest-Hit Housing Markets to “Stabilize” Through The Rest of 2019"},"content":{"rendered":"

The worst may be over for western Canadian real estate, a report from one of Canada\u2019s biggest banks suggests.<\/p>\n

Alberta and BC have struggled in recent years as the former has had to weather the effects of a weakened energy sector while the latter faced a correction in the Vancouver area \u2014 but RBC Senior Economist Robert Hogue sees early signs of a recovery.<\/p>\n

\u201cThey may not be completely out of the woods yet but markets in British Columbia and Alberta finally got going in May,\u201d Hogue writes in a report responding to May housing data from the Canadian Real Estate Association (CREA).<\/p>\n

Hogue notes that home sales in May were up compared to April in Victoria by 10 percent, Calgary by 6.8 percent and Edmonton by 3.5 percent.<\/p>\n

\u201cThese are the green shoots we have long been waiting for\u2014early signs that the cyclical bottom has been reached in that region of the country,\u201d Hogue continues.<\/p>\n

\u201cMarket conditions are still soft, though,\u201d he adds, referring to how home prices haven\u2019t picked up and remain well below year-ago levels in the region\u2019s major markets.<\/p>\n

Vancouver home prices in May declined 8.9 percent on a year-over-year basis, while they fell 4.3 percent in Calgary and 3.7 percent in Edmonton over the same period.<\/p>\n

\u201cThat said, the rate of decline moderated in Calgary and Edmonton which is a further sign that these markets are stabilizing,\u201d Hogue says.<\/p>\n

These developments bolster a national market that is already supported by Toronto, which is further along in the recovery process, and \u201csolid conditions\u201d in Ottawa, Montreal and Halifax.<\/p>\n

In recent TD\u2019s Canadian Quarterly Economic Forecast, the bank also highlights a stable housing market as one of the key drivers expected to boost the national economy\u2019s growth this quarter.<\/p>\n

\u201cWe forecast a pickup in the economic expansion in the second quarter. The key factors driving our forecast are healthy household income, a recovery in housing markets, and a resumption of export activity,\u201d reads the report.<\/p>\n

Expect Canada’s Hardest-Hit Housing Markets to “Stabilize” Through The Rest of 2019<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

The worst may be over for western Canadian real estate, a report from one of Canada\u2019s biggest banks suggests. Alberta and BC have struggled in recent years as the former … [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-12953","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nExpect Canada's Hardest-Hit Housing Markets to "Stabilize" Through The Rest of 2019 • 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\/07\/expect-canadas-hardest-hit-housing-markets-to-stabilize-through-the-rest-of-2019\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Expect Canada's Hardest-Hit Housing Markets to "Stabilize" Through The Rest of 2019 • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The worst may be over for western Canadian real estate, a report from one of Canada\u2019s biggest banks suggests. 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