{"id":13385,"date":"2019-08-20T10:10:15","date_gmt":"2019-08-20T17:10:15","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13385"},"modified":"2019-08-20T10:13:25","modified_gmt":"2019-08-20T17:13:25","slug":"canadians-are-optimistic-about-the-housing-market-again","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadians-are-optimistic-about-the-housing-market-again\/","title":{"rendered":"Canadians are Optimistic About The Housing Market AGAIN"},"content":{"rendered":"<p style=\"text-align: justify;\">Mortgage stress testing did more than just make it tougher for many Canadians to purchase a home \u2014 it also eroded their confidence in the housing market.<\/p>\n<p style=\"text-align: justify;\">But Canadians seem to be regaining their confidence, more than a year and a half after policymakers introduced stress testing for uninsured mortgages.<\/p>\n<p style=\"text-align: justify;\">So suggests the latest Bloomberg Nanos Canadian Confidence Index, a timely barometer of Canadians\u2019 perceptions of the economy, including real estate.<\/p>\n<p style=\"text-align: justify;\">Every week, Nanos surveys 250 Canadians by telephone, asking them questions on subjects including personal finances and real estate price expectations in an attempt to gauge \u201cthe economic mood of Canadians,\u201d as the pollsters put it.<\/p>\n<p style=\"text-align: justify;\">The index clocked in at 58.6 by July\u2019s end, increasing from 58.3 a month ago and nearing a 12-month high.<\/p>\n<p style=\"text-align: justify;\">Anything above a rating of 50 suggests Canadians have a generally positive view of the economy, whereas anything below appears to indicate an overall negative view.<\/p>\n<p style=\"text-align: justify;\">In a writeup discussing the index results, Bloomberg credits recovery in the housing market, and Toronto and Vancouver in particular, with the more optimistic index reading.<\/p>\n<p style=\"text-align: justify;\">\u201cRenewed momentum in Canada\u2019s housing market is buoying consumer optimism,\u201d reads the Bloomberg article.<\/p>\n<p style=\"text-align: justify;\">\u201cThe measure is probably benefiting from a rebound in economic growth, lower borrowing costs and easing concern about a major housing correction,\u201d Bloomberg editor Chris Fournier continues.<\/p>\n<p style=\"text-align: justify;\">Some 43.2 percent of those surveyed expect real estate values in their neighbourhood to be higher in the next six months.<\/p>\n<p style=\"text-align: justify;\">The last time Canadians had such a rosy view of the market was in December 2017. The very next month, new stress testing began for uninsured mortgages, meaning even borrowers with downpayments of 20 percent or more were subject to more stringent lending regulations.<\/p>\n<p style=\"text-align: justify;\">Specifically, these borrowers have to prove they can keep up with monthly payments even if their mortgage rate is 2 percentage points higher or matches the Bank of Canada\u2019s benchmark rate \u2014 an average of the six biggest banks\u2019 posted rates \u2014 whichever is higher.<\/p>\n<p style=\"text-align: justify;\">That took the wind out of the sails of Canadian homebuying activity. But with sales activity in Toronto and Vancouver posting double-digit year-over-year growth last month, it appears the tide is changing \u2014 and with it, the economic perceptions of Canadians.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s a stark turnaround for Canadian consumer confidence, which until May had been in a rut,\u201d Fournier says.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/08\/canadians-optimistic-housing-market.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadians are Optimistic About The Housing Market Again<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage stress testing did more than just make it tougher for many Canadians to purchase a home \u2014 it also eroded their confidence in the housing market. But Canadians seem &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadians-are-optimistic-about-the-housing-market-again\/\">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-13385","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>Canadians are Optimistic About The Housing Market AGAIN &#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\/canadians-are-optimistic-about-the-housing-market-again\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadians are Optimistic About The Housing Market AGAIN &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Mortgage stress testing did more than just make it tougher for many Canadians to purchase a home \u2014 it also eroded their confidence in the housing market. 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