{"id":16203,"date":"2020-07-31T10:10:00","date_gmt":"2020-07-31T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16203"},"modified":"2020-07-29T16:35:17","modified_gmt":"2020-07-29T23:35:17","slug":"predominant-dynamic-in-housing-sector-based-on-sustained-market-strength-subject-to-supply-constraints","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/07\/predominant-dynamic-in-housing-sector-based-on-sustained-market-strength-subject-to-supply-constraints\/","title":{"rendered":"Predominant Dynamic in Housing Sector Based on Sustained Market Strength, Subject to Supply Constraints"},"content":{"rendered":"<p style=\"text-align: justify;\">Sustained market strength, subject to supply constraints, will be the predominant dynamic in the Canadian housing sector for the rest of the year, according to Royal LePage CEO Phil Soper and Sotheby\u2019s Canada CEO Don Kottick.<\/p>\n<p style=\"text-align: justify;\">In a joint interview with The Financial Post, the two executives highlighted the major role that housing inventory will play in the period immediately after the COVID-19 pandemic eases.<\/p>\n<p style=\"text-align: justify;\">Soper said that home prices largely rely on the balance between supply and buyer activity.<\/p>\n<p style=\"text-align: justify;\">\u201cThere are a lot of people who are looking to put roofs over their heads,\u201d Soper said. \u201cWe just don\u2019t see the number of homes for sale, the supply side of this, climbing to the point where home prices will collapse.\u201d<\/p>\n<p style=\"text-align: justify;\">Royal LePage\u2019s latest predictions have placed annual growth by year-end at 2.5%.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s about half the long-term rate of home price appreciation we\u2019ve seen in Canada, so we\u2019re not talking about a great year \u2013 but it\u2019s far, far from the doom and gloom that some of those who are not as close to the market [as us] have prophesized,\u201d Soper said.<\/p>\n<p style=\"text-align: justify;\">Kottick said that the Bank of Canada\u2019s current record-low key interest rate will also feed into this trend, thus keeping the market afloat.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Bank of Canada mentioned that it is highly unlikely to touch interest rates until 2023, so the money is going to be a lot more affordable for the foreseeable future,\u201d Kottick said. \u201cAnd that was always a concern: \u2018When we come out of this, is the government going to increase interest rates?\u2019 Which will have an adverse effect. So that\u2019s one dynamic that has been kind of answered until 2023. I think that will add a lot of confidence to the market.\u201d<\/p>\n<p style=\"text-align: justify;\">The question of supply should be in policymakers\u2019 minds even long after the outbreak has passed, Kottick said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have never addressed the supply issue in Canada, and I think we\u2019re seeing the impact of [the fact] that supply has never been increased,\u201d Kottick said. \u201cWhen you look at the global environment, I think this [crisis] has put the spotlight on Canada as being a global destination. We\u2019ve been getting calls from our affiliates all over the world \u2013 India, the Asia-Pacific region, the Middle East \u2013 and they all want to expose their markets to us. I think there might be a drop in immigration, but I think the government understands the need for immigration so it is going to be ramped up. I think we\u2019re going to see a surge of people who want to come to Canada.\u201d<\/p>\n<p style=\"text-align: justify;\">Soper echoed these sentiments, saying that as a premier destination, Canada will likely see intensified demand from inbound populations.<\/p>\n<p style=\"text-align: justify;\">\u201cThe solution is the supply side, and it\u2019s not going to get addressed in a piecemeal fashion,\u201d Soper said. \u201cWhen we come out of this, the new normal is going to have to focus on health, education, and housing as major national priorities that align federal, provincial, and municipal governments to providing enough for our growing population.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/no-doom-and-gloom-in-store-for-canadian-real-estate--royal-lepages-soper-331927.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Royal lePage&#8217;s Soper &#8211; No &#8220;Doom and Gloom&#8221; in Store for Canadian Real Estate<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sustained market strength, subject to supply constraints, will be the predominant dynamic in the Canadian housing sector for the rest of the year, according to Royal LePage CEO Phil Soper &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/07\/predominant-dynamic-in-housing-sector-based-on-sustained-market-strength-subject-to-supply-constraints\/\">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-16203","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>Predominant Dynamic in Housing Sector Based on Sustained Market Strength, Subject to Supply Constraints &#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\/predominant-dynamic-in-housing-sector-based-on-sustained-market-strength-subject-to-supply-constraints\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Predominant Dynamic in Housing Sector Based on Sustained Market Strength, Subject to Supply Constraints &#8226; 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