{"id":16155,"date":"2020-07-23T10:10:00","date_gmt":"2020-07-23T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16155"},"modified":"2020-07-22T10:06:54","modified_gmt":"2020-07-22T17:06:54","slug":"national-home-prices-increased-slowly-m-m-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/07\/national-home-prices-increased-slowly-m-m-y-y\/","title":{"rendered":"National Home Prices Increased Slowly M\/M &#038; Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">What happened : House prices across the country rose more slowly in June while repeat home sales plummeted, according to the latest Teranet-National Bank National Composite House Price Index.<\/p>\n<p style=\"text-align: justify;\">Why it matters : The data confirms a national housing market slowdown due to the COVID-19 pandemic, according to the report.<\/p>\n<p style=\"text-align: justify;\">Canada&#8217;s housing market continued to cool in June as a result of the COVID-19 pandemic.<\/p>\n<p style=\"text-align: justify;\">While home prices rose month-to-month and year-over-year, they increased more slowly, according to the latest Teranet-National Bank National Composite House Price Index, which tracks over time the registered prices of home that have been sold at least twice.<\/p>\n<p style=\"text-align: justify;\">The index rose 0.7% from May to June \u2013 the lowest June advance in 17 years. Year-over-year, the index increased by nearly 6% \u2013 a slight deceleration.<\/p>\n<p style=\"text-align: justify;\">Repeat home sales also fell by 24% year-over-year in the wake of measures imposed to slow the spread of COVID-19.<\/p>\n<p style=\"text-align: justify;\">Compared with June 2019, the composite house price indices for the Vancouver, Victoria, Abbotsford-Mission and Kelowna markets rose. All remain below their housing market peaks with the exception of Victoria, which saw its peak last month.<\/p>\n<p style=\"text-align: justify;\">While the report says the overall data confirms a national housing market slowdown, economists believe it also suggests the market has proven resilient.<\/p>\n<p style=\"text-align: justify;\">&#8220;Although the relationship between the ratio and house prices has loosened since the mortgage stress tests were imposed in 2018, the ratio suggests house prices are unlikely to fall,&#8221; wrote economists at Capital Economics.<\/p>\n<p style=\"text-align: justify;\">&#8220;The most recent data suggest the housing market has proved far more resilient than we initially feared.&#8221;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/07\/housing-market-continues-cool-june\" target=\"_blank\" rel=\"noopener noreferrer\">Housing Market Continued to Cool in June<\/a> by Hayley Woodin | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What happened : House prices across the country rose more slowly in June while repeat home sales plummeted, according to the latest Teranet-National Bank National Composite House Price Index. Why &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/07\/national-home-prices-increased-slowly-m-m-y-y\/\">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-16155","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>National Home Prices Increased Slowly M\/M &amp; Y\/Y &#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\/2020\/07\/national-home-prices-increased-slowly-m-m-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National Home Prices Increased Slowly M\/M &amp; Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"What happened : House prices across the country rose more slowly in June while repeat home sales plummeted, according to the latest Teranet-National Bank National Composite House Price Index. 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