{"id":13507,"date":"2019-09-02T10:10:06","date_gmt":"2019-09-02T17:10:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13507"},"modified":"2019-08-22T11:13:46","modified_gmt":"2019-08-22T18:13:46","slug":"canadas-housing-market-correction-is-officially-over","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/09\/canadas-housing-market-correction-is-officially-over\/","title":{"rendered":"Canada’s Housing-Market Correction is Officially OVER"},"content":{"rendered":"

An economist with Canada\u2019s biggest bank says the country\u2019s housing-market correction \u201cis officially over.\u201d<\/p>\n

In a response to the July home sales data the Canadian Real Estate Association released midway through this month, RBC Senior Economic Robert Hogue had some encouraging words about the state of the market.<\/p>\n

\u201cCanada\u2019s housing market correction is over and the recovery is on,\u201d writes Hogue in a Monthly Housing Market Update.<\/p>\n

Sales of previously owned homes increased 12.6 percent in July compared to a year earlier and 3.5 percent from June on a seasonally adjusted basis.<\/p>\n

While an increase in Toronto home resales of 23.5 percent garnered a lot of attention, Hogue notes that positive signs were far from limited to Canada\u2019s biggest housing market.<\/p>\n

\u201cSlumping markets out west \u2014 including Vancouver, Calgary and Edmonton \u2014 are now in early stages of a turnaround,\u201d he states.<\/p>\n

While it wasn\u2019t so long ago that Vancouver was Canada\u2019s hottest housing market, Calgary and Edmonton are two of the country\u2019s longest-struggling housing markets.<\/p>\n

In fact, Edmonton\u2019s home prices have yet to recover to 2007 highs, while it has been nearly five years since Calgary peaked. A weakened Alberta energy sector, which creates jobs that support homebuying activity, has been a headache for markets in the province in past years.
\n\"\"<\/a>
\nChart : RBC<\/p>\n

But Hogue notes that transactions picked up modestly in both markets last month, and already-strong markets continued to flex.<\/p>\n

\u201cMost markets in Quebec and Atlantic Canada have kept going all along so the widespread gains they recorded in July were a continuation of a long-standing trend,\u201d he adds.<\/p>\n

\u201cClearly, there\u2019s growing evidence across Canada that the market has adjusted to the mortgage stress test and other market-cooling measures\u2014thanks in part to a drop in interest rates this year,\u201d says Hogue, predicting \u201ca slight upward trajectory\u201d moving forward.<\/p>\n

Hogue isn\u2019t the first to say that it appears Canadians are getting used to the mortgage stress test that was introduced in January 2018 and requires uninsured mortgage borrowers to qualify at a rate 2 percentage points above what their federally regulated lender is offering.<\/p>\n

Policymakers have stood on the sidelines after implementing the stress test at the start of last year and most recently hiking the Bank of Canada\u2019s overnight rate, which influences mortgages, this past October.<\/p>\n

But if Canada\u2019s housing correction is indeed over, it could create a sticky situation for politicians ahead of the October federal election \u2014 especially if July activity is followed up with a few repeat performances, Hogue suggests.<\/p>\n

\u201cWhether we get to this or not, the debate is bound to heat up this fall ahead of October\u2019s federal election. We expect housing to be a hot topic,\u201d he says. \u201cThe outcome of [the] election has the potential to change the housing policy course in Canada.\u201d<\/p>\n

It’s Official : Canada’s Housing-Market Correction is Over<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

An economist with Canada\u2019s biggest bank says the country\u2019s housing-market correction \u201cis officially over.\u201d In a response to the July home sales data the Canadian Real Estate Association released midway … [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-13507","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nCanada's Housing-Market Correction is Officially OVER • 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\/09\/canadas-housing-market-correction-is-officially-over\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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