{"id":16572,"date":"2020-09-22T10:10:00","date_gmt":"2020-09-22T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16572"},"modified":"2020-09-18T11:40:51","modified_gmt":"2020-09-18T18:40:51","slug":"home-prices-rise-as-the-housing-market-catches-up-to-pent-up-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/09\/home-prices-rise-as-the-housing-market-catches-up-to-pent-up-demand\/","title":{"rendered":"Home Prices Rise as The Housing Market Catches Up to Pent-Up Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">The Composite index of resale home prices continued to rise in August. Indeed, 10 of the 11 markets were showing an increase in the month with the exception being a flat print in Calgary. The increases in August were consistent with conditions present in the home resale market. Looking at the active-listings-to-sales ratio as published by CREA, half of the provinces were solidly a \u201csellers\u2019 market\u201d with B.C. and Manitoba very close to showing that same status. This was the result of a new record level of home sales at the national level. The underlying data for the Composite House Price Index was consistent with the sharp rebound in activity. Indeed, the Teranet-National Bank HPI uses a sales-pair methodology to track home prices and the latter were down a mere 1.3% from a year earlier, in sharp contrast after three months of 12-month declines exceeding 20%. It must be said that there was a lot of catching up to be done given the pent-up demand from months of confinement. What\u2019s more, mortgage interest rates have reached a record low and are an additional incentive for those looking for a property. When we seasonally adjust the unsmoothed composite index, August would be up a significant 1.7% from July, the highest monthly change in the last 40 months. Nonetheless, the housing market is facing several challenges in the months ahead. The tapering of income assistance programs in a still-depressed labour market combined with weaker immigration flows should translate into headwinds for housing demand.<\/p>\n<p style=\"text-align: justify;\">HIGHLIGHTS :<\/p>\n<p style=\"text-align: justify;\">\u2022 The Teranet\u2013National Bank Composite National House Price IndexTM advanced 0.6% in August, slightly below the average over the last 22 years for a month of August (+0.7%, see right chart).<\/p>\n<p style=\"text-align: justify;\">\u2022 On a monthly basis, there was a gain in 10 of the 11 markets covered: Victoria (+2.3%), Ottawa-Gatineau (+2.2%), Montreal (+1.9%), Halifax (+1.8%), Hamilton (+1.6%), Winnipeg (+0.7%), Quebec (+0.5%), Vancouver (+0.2%), Toronto (+0.1%) and Edmonton (+0.1%). Prices were essentially flat in the month in Calgary.<\/p>\n<p style=\"text-align: justify;\">\u2022 From August 2019 to August 2020, the Composite index rose 5.7%, led by OttawaGatineau (+12.6%), Halifax (+11.1%), Montreal (+10.1%), Hamilton (+8.4%) and Toronto (+7.3%). Lagging the countrywide average were Victoria (+3.3%), Winnipeg (+3.3%),<br \/>\nVancouver (+3.2%) and Quebec City (+2.3%). Deflating over the 12 months were Edmonton (\u22122.4%) and Calgary (\u22122.5%).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/wp-content\/uploads\/2020\/09\/Teranet_E_200918.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the full report.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/2020\/09\/home-prices-rise-as-the-housing-market-catches-up-to-pent-up-demand\/\" target=\"_blank\" rel=\"noopener noreferrer\">Home Prices Rise as The Housing Market Catches Up to Pent-Up Demand<\/a> by Teranet National Bank of Canada<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Composite index of resale home prices continued to rise in August. Indeed, 10 of the 11 markets were showing an increase in the month with the exception being a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/home-prices-rise-as-the-housing-market-catches-up-to-pent-up-demand\/\">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-16572","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>Home Prices Rise as The Housing Market Catches Up to Pent-Up Demand &#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\/09\/home-prices-rise-as-the-housing-market-catches-up-to-pent-up-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Prices Rise as The Housing Market Catches Up to Pent-Up Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Composite index of resale home prices continued to rise in August. 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