{"id":20608,"date":"2022-09-19T15:15:00","date_gmt":"2022-09-19T22:15:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20608"},"modified":"2022-09-19T09:10:09","modified_gmt":"2022-09-19T16:10:09","slug":"canadian-housing-inventory-levels-may-reach-a-crisis-point","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/09\/canadian-housing-inventory-levels-may-reach-a-crisis-point\/","title":{"rendered":"Canadian Housing Inventory Levels May Reach A Crisis Point"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian real estate inventory may reach a crisis point, according to a new report released this week.<\/p>\n<p style=\"text-align: justify;\">The RE\/MAX Canada Housing Inventory Report analyzed active listings in eight major Canadian cities from July 2013 to 2022 and found that their inventory levels have fallen short of the 10-year average in seven of those markets in 2022.<\/p>\n<p style=\"text-align: justify;\">The Greater Vancouver Area was down by 16% with the Halifax-Dartmouth area seeing the most decreases at 65.5% below the 10-year average.<\/p>\n<p style=\"text-align: justify;\">According to RE\/MAX Canada\u2019s executive vice-president, Elton Ash, the decline in the Lower Mainland and Vancouver\u2019s housing inventory levels can be attributed to issues with municipal regulations and getting approvals.<\/p>\n<p style=\"text-align: justify;\">\u201cIt&#8217;s taking upwards, at times, 10 years to get approval to move forward with a housing project. And so, it&#8217;s very challenging, looking at the red tape that&#8217;s involved,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Part of the issue is the rate at which the city is growing, he says.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat&#8217;s on MLS, is 16% below the 10-year average. And yet we look at population growth in the Vancouver area and it&#8217;s up almost 25% between 2006 and 2021. So you&#8217;ve got two opposing trends occurring here,\u201d said Ash.<\/p>\n<p style=\"text-align: justify;\">The report cites Statistics Canada, which states that the country has seen a significant double-digit growth in population between 2006 and 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cThat is poised to increase further with Canada&#8217;s commitment to welcome 1.2 million immigrants into the country between 2021 and 2023, combined with growth in new international students,\u201d the report says.<\/p>\n<p style=\"text-align: justify;\">Ash says there&#8217;s no way for new housing starts to meet the demand, especially when diminishing resale inventory is taken into account.<\/p>\n<p style=\"text-align: justify;\">He referenced the recent announcement from Prime Minister Justin Trudeau to launch the Senakw development with the Squamish Nation. The complex will include 6,000 rental units and 1,200 homes once complete.<\/p>\n<p style=\"text-align: justify;\">\u201cThere&#8217;s a good example of, let&#8217;s say, out-of-the-box partnerships coming together with government assistance, [Canada Mortgage and Housing Corporation] and coming online with a major project that&#8217;s sorely needed and that&#8217;s required in all municipalities across the country,\u201d Ash said.<\/p>\n<p style=\"text-align: justify;\">While the report says housing markets are dwindling, Ash says that BC is experiencing an \u201cinteresting phenomenon.\u201d<\/p>\n<p style=\"text-align: justify;\">He says that prior to COVID-19 no one would have predicted the \u201ccrazy market\u201d that occurred in Vancouver and Toronto. Now, he says, with the Bank of Canada interest rate hike to battle inflation there is a fear of recession.<\/p>\n<p style=\"text-align: justify;\">\u201cHistorically, recession comes about when there&#8217;s huge amounts of inventory, high interest rates or increasing interest rates, and no buyers and here we have low inventory,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">However, following the release of statistics from the British Columbia Real Estate Association, he says that BC is \u201cin essence a balanced market.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cWhich is a healthy real estate sales market. But you compare it to a year ago, two years ago, it seems like we&#8217;re in a slump, but we have to look back and realize the last two years were extremely abnormal, and that we&#8217;re really returning to normal,\u201d Ash said.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/09\/canadian-housing-inventory-drops-below-10-year-average\" target=\"_blank\" rel=\"noopener\">Canadian Housing Inventory Drops Below 10-Year Average<\/a> by Claire Wilson &#8221; BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian real estate inventory may reach a crisis point, according to a new report released this week. The RE\/MAX Canada Housing Inventory Report analyzed active listings in eight major Canadian &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/09\/canadian-housing-inventory-levels-may-reach-a-crisis-point\/\">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-20608","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>Canadian Housing Inventory Levels May Reach A Crisis Point &#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\/09\/canadian-housing-inventory-levels-may-reach-a-crisis-point\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Housing Inventory Levels May Reach A Crisis Point &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian real estate inventory may reach a crisis point, according to a new report released this week. 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