{"id":17731,"date":"2021-04-21T10:10:00","date_gmt":"2021-04-21T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17731"},"modified":"2021-04-14T15:16:37","modified_gmt":"2021-04-14T22:16:37","slug":"homebuilding-surge-aging-population-will-have-a-cooling-effect-for-a-more-balanced-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/04\/homebuilding-surge-aging-population-will-have-a-cooling-effect-for-a-more-balanced-housing-market\/","title":{"rendered":"Homebuilding Surge &#038; Aging Population will Have A Cooling Effect for A More Balanced Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">A major uptick in home construction paired with gradual, long-term demographic change will have a cooling effect on Canadian home prices in the coming years.<\/p>\n<p style=\"text-align: justify;\">Barring a significant spike in mortgage rates or a big shift in housing policy, the red-hot Canadian housing market should begin cooling organically this year, making a market crash \u201cunlikely.\u201d<\/p>\n<p style=\"text-align: justify;\">That\u2019s the latest prediction from research firm Oxford Economics, who in a recent briefing said that house price growth will gradually be outpaced by increases in household income, allowing buyers to more easily afford homes in the future.<\/p>\n<p style=\"text-align: justify;\">This more balanced market will be driven partly by an increase in new home supply coming online over the next several years. Oxford Economics\u2019 Tony Stillo and Michael Davenport wrote in the briefing that the recent spike in home prices caused homebuilding to rise to its highest level since 1987.<\/p>\n<p style=\"text-align: justify;\">\u201cOver the next ten years, we expect housing completions to total almost 2.2 million units and far outpace the projected 1.9 million newly formed households, which will help rebalance supply and demand in the national housing market,\u201d wrote Stillo and Davenport.<\/p>\n<p style=\"text-align: justify;\">As housing completions ramp up, Canada\u2019s aging population will drive household formation down. The economists wrote that over the next several decades, the country\u2019s senior population will nearly double, with one in four Canadians falling within the 65-plus demographic by 2050.<\/p>\n<p style=\"text-align: justify;\">Over this same 30-year period, household formation is projected to slow from the current rate of 200,000 new households formed each year to a rate of 130,000 by 2050.<\/p>\n<p style=\"text-align: justify;\">Taken together, these trends paint a more optimistic housing affordability picture awaiting Canadians after the current trajectory \u2014 which Stillo and Davenport call \u201cunsustainable\u201d \u2014 moderates.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/04\/homebuilding-surge-aging-population-canadian-housing-crash.html\" target=\"_blank\" rel=\"noopener\">Oxford Economics : Homebuilding Surge, Aging Population Make Canadian Housing Crash &#8220;Unlikely&#8221;<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A major uptick in home construction paired with gradual, long-term demographic change will have a cooling effect on Canadian home prices in the coming years. Barring a significant spike in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/04\/homebuilding-surge-aging-population-will-have-a-cooling-effect-for-a-more-balanced-housing-market\/\">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-17731","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Homebuilding Surge &amp; Aging Population will Have A Cooling Effect for A More Balanced Housing Market &#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\/2021\/04\/homebuilding-surge-aging-population-will-have-a-cooling-effect-for-a-more-balanced-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Homebuilding Surge &amp; Aging Population will Have A Cooling Effect for A More Balanced Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A major uptick in home construction paired with gradual, long-term demographic change will have a cooling effect on Canadian home prices in the coming years. Barring a significant spike in &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/homebuilding-surge-aging-population-will-have-a-cooling-effect-for-a-more-balanced-housing-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/homebuilding-surge-aging-population-will-have-a-cooling-effect-for-a-more-balanced-housing-market\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Homebuilding Surge &#038; 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