{"id":13354,"date":"2019-08-13T10:10:02","date_gmt":"2019-08-13T17:10:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13354"},"modified":"2019-08-01T16:22:43","modified_gmt":"2019-08-01T23:22:43","slug":"canadas-housing-market-checkup","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadas-housing-market-checkup\/","title":{"rendered":"Canada&#8217;s Housing Market Checkup"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian housing market has received a checkup from one of Canada\u2019s biggest banks, and the prognosis was good \u2014 for the most part.<\/p>\n<p style=\"text-align: justify;\">RBC runs a Canadian Housing Health Check each quarter looking at how current trends compare with historical norms.<\/p>\n<p style=\"text-align: justify;\">There are 10 categories : affordability, market balance for both the resale and rental segment, interest rates, employment, and demographics, as well as housing supply and construction of single-family and multi-family homes.<\/p>\n<p style=\"text-align: justify;\">In all categories but two, the Canadian market got a clean bill of health in the second quarter.<\/p>\n<p style=\"text-align: justify;\">The two exceptions were affordability and the number of multi-family homes, including condo and rental units, under construction, both of which were observed to be \u201csignificantly\u201d removed long-term norms.<\/p>\n<p style=\"text-align: justify;\">\u201cPoor affordability is a significant source of vulnerability for Canada\u2019s housing market despite some improvement since the fall,\u201d write RBC Chief Economist Craig Wright and Senior Economist Robert Hogue.<\/p>\n<p style=\"text-align: justify;\">Earlier this year, RBC noted that Canadian housing affordability improved for the first time in more than three years.<\/p>\n<p style=\"text-align: justify;\">But as of the second quarter, median-earning Vancouver households needed to put 82 percent of pre-tax income to afford an average-priced home, compared to 66 percent for households in Toronto.<\/p>\n<p style=\"text-align: justify;\">RBC also breaks the health assessment down into urban centres, looking at these two markets as well as Calgary and Montreal.<\/p>\n<p style=\"text-align: justify;\">\u201cThe high cost of homeowner- ship in Vancouver, Toronto and, increasingly, Montreal are a top vulnerability for Canada\u2019s major markets,\u201d the economists note.<\/p>\n<p style=\"text-align: justify;\">The pace of multi-family home construction was flagged as significantly deviating from norms in three of the four markets.<\/p>\n<p style=\"text-align: justify;\">In Calgary, the outlook was less risky but construction in this segment was still \u201cmodestly\u201d outside the historical trend. However, Wright and Hogue suggest the outlook is improving.<\/p>\n<p style=\"text-align: justify;\">\u201cThe number of condo units under construction is still high from a historical point of view but has come down since late-2018. More units have been completed than started in the past year,\u201d say the economists.<\/p>\n<p style=\"text-align: justify;\">Risk in Toronto is \u201climited\u201d despite the high number of units being built.<\/p>\n<p style=\"text-align: justify;\">\u201cMarket absorption has been very strong in recent years, which indicates that current construction levels are unlikely to be excessive,\u201d the report reads.<\/p>\n<p style=\"text-align: justify;\">Same goes for Vancouver, where a drum-tight rental market helps create demand for housing under construction and guard against negative impacts of overbuilding.<\/p>\n<p style=\"text-align: justify;\">\u201c[The] low inventories and rental vacancy rate, as well as rapid population growth largely mitigate such risk,\u201d say Wright and Hogue.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/08\/canadas-housing-market-healthy-affordability-problem.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canada&#8217;s Housing Market is Healthy, But Affordability is Still a Major Problem<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian housing market has received a checkup from one of Canada\u2019s biggest banks, and the prognosis was good \u2014 for the most part. RBC runs a Canadian Housing Health &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadas-housing-market-checkup\/\">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-13354","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canada&#039;s Housing Market Checkup &#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\/08\/canadas-housing-market-checkup\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada&#039;s Housing Market Checkup &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian housing market has received a checkup from one of Canada\u2019s biggest banks, and the prognosis was good \u2014 for the most part. 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