{"id":20459,"date":"2022-08-23T11:11:00","date_gmt":"2022-08-23T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20459"},"modified":"2022-08-18T09:17:55","modified_gmt":"2022-08-18T16:17:55","slug":"homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/","title":{"rendered":"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing"},"content":{"rendered":"<p style=\"text-align: justify;\">Many neighbourhoods in the Greater Toronto and Vancouver areas saw a jump in detached home sales in the second quarter of 2022 as buyers locked in lower rates and took advantage of discounts, according to a new report from Re\/Max.<\/p>\n<p style=\"text-align: justify;\">The real estate brokerage compared home prices and sales activity across dozens of communities in the two metropolises between the first and second quarters of the year.<\/p>\n<p style=\"text-align: justify;\">The report provides a glimpse into how segments of the Toronto and Vancouver housing markets reacted as the Bank of Canada rapidly hiked interest rates, starting in March of this year.<\/p>\n<p style=\"text-align: justify;\">\u201cThose fast and furious incremental increases placed downward pressure on housing sales and prices, improving affordability on one hand, but eroding it on the other,\u201d said Chris Alexander, president of Re\/Max Canada, in a statement.<\/p>\n<p style=\"text-align: justify;\">Re\/Max found that home values dropped 10% to 15% in the second quarter of the year compared with the first in parts of the Greater Toronto area, with Durham, Peel, Dufferin, York and Halton all experiencing double-digit drops.<\/p>\n<p style=\"text-align: justify;\">Only 15 Toronto neighbourhoods saw an uptick in price quarter-to-quarter, five of which were in the city\u2019s core.<\/p>\n<p style=\"text-align: justify;\">Alexander pointed to the core\u2019s strong demand and finite supply, along with higher average incomes for residents, as keeping the area \u201cresilient\u201d through the downturn.<\/p>\n<p style=\"text-align: justify;\">In Vancouver, 75% of neighbourhoods saw home price declines in Q2, most of which dropped around 10% in value, Re\/Max said.<\/p>\n<p style=\"text-align: justify;\">Core regions of Vancouver West and West Vancouver\/Howe Sound saw home prices rise quarter-to-quarter, however, up 2.4% and 8.2%, respectively.<\/p>\n<p style=\"text-align: justify;\">Re\/Max also flagged a reversal of a pandemic trend affecting suburban markets : while many buyers sought to escape the city at the outset of the lockdowns in spring 2020, they\u2019re now looking to return to the core as some remote work plans come to an end and downtowns reopen.<\/p>\n<p style=\"text-align: justify;\">The softening of prices in these areas, meanwhile, gave prospective buyers an affordable way into a detached home in the suburbs as many were able to lock in five-year fixed mortgage rates as the central bank was mid-way through raising the cost of borrowing.<\/p>\n<p style=\"text-align: justify;\">Some 40% of Greater Toronto Area markets saw an uptick in sales of detached homes in the second quarter compared with the first, Re\/Max said. Durham Region reported an uptick in sales in this segment in half of its neighbourhoods.<\/p>\n<p style=\"text-align: justify;\">The Greater Vancouver Area saw detached sales rise in 31% of its markets, quarter-to-quarter.<\/p>\n<p style=\"text-align: justify;\">\u201cFor those buyers that were active in Q2, improved housing affordability due to easing prices and the threat of higher rates down the road clearly provided the impetus for many to leap into detached home ownership,\u201d Alexander said.<\/p>\n<p style=\"text-align: justify;\">This trend is giving some existing homeowners the chance to upsize their homes or move into a more desirable neighbourhood, the report stated.<\/p>\n<p style=\"text-align: justify;\">Condo owners, for example, who have seen their property values hold relatively steady, have been able to upgrade to larger, detached homes in these conditions as prices ease in the segment, according to Re\/Max.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.msn.com\/en-ca\/money\/finance-real-estate\/cooling-detached-home-prices-lured-buyers-in-these-markets-despite-rising-rates\/ar-AA10O0ql?ocid=msedgdhp&amp;pc=U531&amp;cvid=232e5ed6f5fd45cfba4a384a28b754cc\" target=\"_blank\" rel=\"noopener\">Cooling Detached Home Prices Lured Buyers in These Markets Despite Rising Rates<\/a> by Craig Lord | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many neighbourhoods in the Greater Toronto and Vancouver areas saw a jump in detached home sales in the second quarter of 2022 as buyers locked in lower rates and took &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/\">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-20459","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing &#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\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Many neighbourhoods in the Greater Toronto and Vancouver areas saw a jump in detached home sales in the second quarter of 2022 as buyers locked in lower rates and took &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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing\",\"datePublished\":\"2022-08-23T18:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/\"},\"wordCount\":530,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/\",\"name\":\"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2022-08-23T18:11:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/","twitter_card":"summary_large_image","twitter_title":"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Many neighbourhoods in the Greater Toronto and Vancouver areas saw a jump in detached home sales in the second quarter of 2022 as buyers locked in lower rates and took &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing","datePublished":"2022-08-23T18:11:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/"},"wordCount":530,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/","url":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/","name":"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2022-08-23T18:11:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2022\/08\/homebuyers-are-taking-advantage-of-detached-home-discounts-through-mid-way-rising-the-cost-of-borrowing\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Homebuyers are Taking Advantage of Detached Home Discounts Through Mid-Way Rising The Cost of Borrowing"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/20459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=20459"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/20459\/revisions"}],"predecessor-version":[{"id":20460,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/20459\/revisions\/20460"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=20459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=20459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=20459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}