{"id":17674,"date":"2021-04-14T10:10:00","date_gmt":"2021-04-14T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17674"},"modified":"2021-04-12T14:24:18","modified_gmt":"2021-04-12T21:24:18","slug":"housing-market-set-for-a-significant-cooldown-over-the-next-2-3-quarters","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/04\/housing-market-set-for-a-significant-cooldown-over-the-next-2-3-quarters\/","title":{"rendered":"Housing Market Set for A “Significant Cooldown” Over The Next 2-3 Quarters"},"content":{"rendered":"

The current furious pace of homebuyer activity, along with rapidly accelerating price increases seen since mid-2020, are unlikely to last into 2022.<\/p>\n

While the Canadian housing market\u2019s strength was a major contributor to the country\u2019s economic recovery following the devastation experienced last spring, TD Senior Economist Sri Thanabalasingam believes a \u201csignificant cooldown\u201d is coming over the next six to nine months.<\/p>\n

In commentary exploring Canada\u2019s \u201cpandemic economy\u201d after a year spent coping with the myriad effects of COVID-19, Thanabalasingam writes that the initial fears at the onset of the pandemic around the country\u2019s housing market were focused on risks of collapse rather than of overheating.<\/p>\n

But while they generated some alarming headlines based on inaccurate predictions, fears of collapse quickly faded through the summer as homebuyers took the market by storm.<\/p>\n

\u201cRock-bottom mortgage rates, relatively secure employment for higher paid workers, and a desire for more space while working from home, generated extraordinary homeownership demand beginning in the summer of 2020 and has yet to fade,\u201d writes Thanabalasingam.<\/p>\n

Now concerns around overheating have taken over, as single-family home prices at the national level have gained $100,000 in value on average just over the last six months amid historic demand and limited supply. Market experts are now penning what essentially amounts to open letters to policymakers on actions they can take to cool the market.<\/p>\n

Thanabalasingam believes that some segments of the market \u201chave moved well above their levels supported by [economic] fundamentals.\u201d Mortgage rate increases and a lack of affordable housing options for many buyers should lead to a \u201ctapering off of price growth,\u201d he writes.<\/p>\n

If this doesn\u2019t take enough steam out of the market, the economist predicts that regulators and governments will spring into action on the policy front with measures to protect the financial system from a runaway housing market.<\/p>\n

\u201cEither way, we are likely to see a significant cooldown over the next 2-3 quarters,\u201d writes Thanabalasingam.<\/p>\n

Earlier this month, RBC Senior Economist Robert Hogue recommended an array of policies to stabilize the market that included increasing the supply of housing through new home and rental construction, rolling out measures aimed at discouraging speculation and potentially tightening up mortgage-lending rules even beyond what was enacted by the federal government in 2018.<\/p>\n

TD : Canada’s Housing Market Set for “Significant Cooldown” After Homebuying Frenzy<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

The current furious pace of homebuyer activity, along with rapidly accelerating price increases seen since mid-2020, are unlikely to last into 2022. While the Canadian housing market\u2019s strength was a … [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-17674","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nHousing Market Set for A "Significant Cooldown" Over The Next 2-3 Quarters • 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\/2021\/04\/housing-market-set-for-a-significant-cooldown-over-the-next-2-3-quarters\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Market Set for A "Significant Cooldown" Over The Next 2-3 Quarters • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The current furious pace of homebuyer activity, along with rapidly accelerating price increases seen since mid-2020, are unlikely to last into 2022. 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