{"id":1802,"date":"2016-05-02T10:10:32","date_gmt":"2016-05-02T17:10:32","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1802"},"modified":"2016-05-01T16:24:46","modified_gmt":"2016-05-01T23:24:46","slug":"strong-canadian-housing-market-performance-leads-canadas-biggest-bank-to-update-forecast","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/05\/strong-canadian-housing-market-performance-leads-canadas-biggest-bank-to-update-forecast\/","title":{"rendered":"Strong Canadian Housing Market Performance Leads Canada\u2019s Biggest Bank to Update Forecast"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s biggest bank is updating its forecast for the country\u2019s housing market through 2017 as a result of a strong first quarter of sales and price gains.<\/p>\n<p style=\"text-align: justify;\">In January, RBC had predicted that national home resales would drop 0.6% this year and 6.4% in 2017.<\/p>\n<p style=\"text-align: justify;\">For British Columbia, the bank expected existing home sales to plummet 10.1% next year, following a 3.7% increase this year. In Ontario, RBC said transactions would be down 0.7% this year, and then crumble by 7.6% the following year.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re probably going to bump up those numbers given the strength year to date,\u201d said Robert Hogue, senior economist for RBC\u2019s economics research department.<\/p>\n<p style=\"text-align: justify;\">The Canadian market, driven by the Greater Toronto Area and Greater Vancouver has repeatedly defied bearish industry observers\u2019 expectations, and in March sales were up 12.2% year over year and prices surged 15.7%.<\/p>\n<p style=\"text-align: justify;\">\u201cYear to date price increases have been much stronger than we\u2019ve expected,\u201d Hogue told BuzzBuzzHome News recently, noting the slowdown RBC previously called for won\u2019t be as drastic as anticipated.<\/p>\n<p style=\"text-align: justify;\">The January forecast saw composite resale prices in BC growing by 6.4% and 1.5% in 2016 and 2017, respectively. Meantime, Ontario gains were pegged at 4.5% this year and 1.3% the next.<\/p>\n<p style=\"text-align: justify;\">However, while the updated forecast should appear rosier by comparison, the general narrative remains unchanged.<\/p>\n<p style=\"text-align: justify;\">\u201cOur story has long been a rise in interest rates will cool housing demand in Canada,\u201d Hogue explains. \u201cWe have a first rate increase by the Bank of Canada in the second quarter of next year,\u201d he says.<\/p>\n<p style=\"text-align: justify;\">The economist explains RBC\u2019s forecast is \u201cmore event driven than time driven.\u201d However, Hogue admits \u201cour expectations that interest rates would rise have been off,\u201d adding, \u201cWe\u2019re not the only ones where were off.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cJust because that interest rate hike has been delayed, that story is still there,\u201d says Hogue.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/04\/strong-canadian-housing-market-performance-q1.html\" target=\"_blank\">Strong Canadian Housing Market Performance Leads Canada\u2019s Biggest Bank to Update Forecast<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s biggest bank is updating its forecast for the country\u2019s housing market through 2017 as a result of a strong first quarter of sales and price gains. In January, RBC &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/05\/strong-canadian-housing-market-performance-leads-canadas-biggest-bank-to-update-forecast\/\">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":[13],"tags":[],"class_list":["post-1802","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strong Canadian Housing Market Performance Leads Canada\u2019s Biggest Bank to Update Forecast &#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\/2016\/05\/strong-canadian-housing-market-performance-leads-canadas-biggest-bank-to-update-forecast\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Strong Canadian Housing Market Performance Leads Canada\u2019s Biggest Bank to Update Forecast &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s biggest bank is updating its forecast for the country\u2019s housing market through 2017 as a result of a strong first quarter of sales and price gains. 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