{"id":18643,"date":"2021-10-06T10:10:00","date_gmt":"2021-10-06T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18643"},"modified":"2021-10-04T09:25:42","modified_gmt":"2021-10-04T16:25:42","slug":"the-rating-of-national-market-vulnerability-escalated-from-moderate-to-high","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/10\/the-rating-of-national-market-vulnerability-escalated-from-moderate-to-high\/","title":{"rendered":"The Rating of National Market Vulnerability Escalated from “Moderate” to “High”"},"content":{"rendered":"

Canada\u2019s housing market is seeing a \u201chigh degree of vulnerability,\u201d in the face of continued price acceleration and overvaluation.<\/p>\n

In its Q3-2021 Housing Market Assessment, the Canada Mortgage and Housing Corporation (CMHC) stated that a high degree of market vulnerability has been created at the national level as a reflection of \u201cproblematic conditions,\u201d detected in several local markets within Ontario and Eastern Canada.<\/p>\n

Between CMHC\u2019s March 2021 and September 2021 reports, the rating of national market vulnerability escalated from \u201cmoderate\u201d to \u201chigh.\u201d The corporation explained that high vulnerability means that the market is more susceptible to a potential downturn that would result in greater consequences if one were to occur.<\/p>\n

The Greater Toronto Area remained at a high degree of market vulnerability between March and September. Even though home sales have started to ease off, the demand-supply imbalance within Toronto has contributed to continued price acceleration.<\/p>\n

Ottawa, Hamilton, Moncton and Halifax also continued their high vulnerability status. Overheating, overvaluation and price acceleration has plagued the Hamilton market, while Ottawa continues to experience pressure on upward price growth thanks to historically-low home inventory. High sales and limited supply has similarly caused persistent pressure on Halifax home values, while there is an \u201cunderlying disconnect between the supply and demand for housing,\u201d in Moncton, CMHC says.<\/p>\n

In the first half of 2021, low interest rates, government support and vaccination rollout provided Canadians with greater purchasing power, employment and disposable income, explains CMHC. However, recent home price growth \u201cwas not fully explained by these improving housing market fundamentals.\u201d<\/p>\n

The first half of the year reported historically high levels of sales as demand outpaced available home supply. Although sales moderated in Q2-2021, market overheating was still noticeable at the national level. CMHC noted that there is \u201clow evidence\u201d of excess inventory in the absence of unusually high levels of vacant, newly built, and unsold housing units.<\/p>\n

\u201cExceptionally strong demand and home price appreciation through the course of the pandemic may have contributed to increased expectations of continued price growth for homebuyers in several local housing markets across Ontario and Eastern Canada,\u201d said Bob Dugan, CMHC\u2019s chief economist, in the assessment report.<\/p>\n

\u201cThis, in turn, may have caused more buyers to enter the market than was warranted.\u201d<\/p>\n

CMHC : Canadian Housing Market is “Problematic”<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada\u2019s housing market is seeing a \u201chigh degree of vulnerability,\u201d in the face of continued price acceleration and overvaluation. In its Q3-2021 Housing Market Assessment, the Canada Mortgage and Housing … [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-18643","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Rating of National Market Vulnerability Escalated from "Moderate" to "High" • 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\/10\/the-rating-of-national-market-vulnerability-escalated-from-moderate-to-high\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Rating of National Market Vulnerability Escalated from "Moderate" to "High" • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s housing market is seeing a \u201chigh degree of vulnerability,\u201d in the face of continued price acceleration and overvaluation. 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