{"id":19748,"date":"2022-04-18T10:10:00","date_gmt":"2022-04-18T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19748"},"modified":"2022-04-17T17:19:15","modified_gmt":"2022-04-18T00:19:15","slug":"housing-market-trends-are-starting-in-a-different-direction","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/04\/housing-market-trends-are-starting-in-a-different-direction\/","title":{"rendered":"Housing Market Trends are Starting in A Different Direction"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s local real estate markets appear to be heading in different directions compared to one another.<\/p>\n<p style=\"text-align: justify;\">In a recent RBC Economics Focus on Canada Housing piece, RBC\u2019s assistant chief economist, Robert Hogue, stated that local real estate boards recorded diverse results for March. Cities like Calgary, Edmonton and Ottawa recorded strong monthly activity, while other regions such as Montreal and Toronto appeared to moderate.<\/p>\n<p style=\"text-align: justify;\">\u201cThe picture is becoming more complex for Canada\u2019s housing market,\u201d said Hogue. \u201cLocal real estate boards reported varying results in March that may signal a break from the uncharacteristically synchronized trends seen during the pandemic.\u201d<\/p>\n<p style=\"text-align: justify;\">While extremely low home inventories and rising prices continue to be the norm, Hogue pointed out that there are signals that the tight demand-supply conditions are easing in some cities, setting the stage for further rebalancing in other markets in the near future.<\/p>\n<p style=\"text-align: justify;\">Last month, the Bank of Canada upped interest rates by 0.25%, the first increase since 2018. However, Hogue stated that this had little effect on cooling down the market, and may have rather fueled homebuyer demand as they moved up their purchasing decisions in order to secure a lower interest rate. The story will likely change with future rate hikes. RBC says that it expects the BoC to increase the policy rate by an additional 150 basis points by the end of the year.<\/p>\n<p style=\"text-align: justify;\">\u201cActivity brought forward since the fall has exhausted some of the future demand, but more importantly materially higher borrowing costs will make it harder for buyers to enter the market,\u201d said Hogue.<\/p>\n<p style=\"text-align: justify;\"><strong>Higher prices, lower inventories push some buyers to the side<\/strong><\/p>\n<p style=\"text-align: justify;\">Spring activity got off to a quieter start in some local markets during March.<\/p>\n<p style=\"text-align: justify;\">In Toronto, home resales fell 30% from March 2021, and off an estimated 16% from February on a seasonally-adjusted basis. The composite MLS HPI jumped 2.7% from February, which is a downward trend from the average 4.4% increase recorded during the last five months. Although property prices will continue to climb, Hogue anticipates that the pace of growth will moderate, especially if affordability worsens.<\/p>\n<p style=\"text-align: justify;\">\u201cIn fact, we think a peak may soon form,\u201d said Hogue. \u201cClearly the $1.38 million price tag for a typical home is a stretch for a growing number of buyers.\u201d<\/p>\n<p style=\"text-align: justify;\">In Montreal, moderation trends continued to play out as resales dropped 4% from February on a seasonally-adjusted basis, marking the fifth consecutive month of declines. Low inventories and rising ownership costs are likely the culprit behind the fading enthusiasm among buyers, which may also be reflected in the slower pace of median property price growth in recent months.<\/p>\n<p style=\"text-align: justify;\"><strong>Calgary, Vancouver markets report hotter March results<\/strong><\/p>\n<p style=\"text-align: justify;\">Contrary to Montreal and Toronto, some local markets had a roaring March.<\/p>\n<p style=\"text-align: justify;\">Home resales in Calgary were incredibly strong last month after reaching an all-time high in February. Even as new listings rose 24% from March 2021, it wasn\u2019t enough to get pace with buyer demand, pushing home prices even higher as the composite MLS HPI grew 4% monthly.<\/p>\n<p style=\"text-align: justify;\">\u201cWith the provincial economy now roaring, in-migration rapidly gathering steam and affordability comparing well relative to other major markets, we expect housing demand to stay solid in the period ahead,\u201d said Hogue. \u201cThis is poised to keep prices on a steep upward trajectory.\u201d<\/p>\n<p style=\"text-align: justify;\">A province over, buyers \u201chaven\u2019t quit yet,\u201d in Vancouver as resales grew four per cent from February to March on a seasonally-adjusted basis. The MLS HPI benchmark was pushed up 3.6% from February and 20.7% year-over-year to a record $1.36 million.<\/p>\n<p style=\"text-align: justify;\">\u201cOdds are they\u2019ll rise further in the near term. Sellers are still comfortably in the driver\u2019s seat while inventories remain scarce,\u201d said Hogue. \u201cThe drop in new listings tightened demand-supply conditions even more in March. Nonetheless, we expect activity to cool later this year.\u201d<\/p>\n<p style=\"text-align: justify;\">The RBC economist added that homebuyers will find it more difficult to cope with growing affordability constraints from soaring prices and rising interest rates, which will help to rebalance the Vancouver market and push purchasers towards less expensive options like condos and homes outside the urban core.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/04\/local-real-estate-market-trends-diverge.html\" target=\"_blank\" rel=\"noopener\">RBC Economics : Local Real Estate Market Trends are Starting to Diverge<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s local real estate markets appear to be heading in different directions compared to one another. In a recent RBC Economics Focus on Canada Housing piece, RBC\u2019s assistant chief economist, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/04\/housing-market-trends-are-starting-in-a-different-direction\/\">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-19748","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Housing Market Trends are Starting in A Different Direction &#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\/2022\/04\/housing-market-trends-are-starting-in-a-different-direction\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Market Trends are Starting in A Different Direction &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s local real estate markets appear to be heading in different directions compared to one another. 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