{"id":21340,"date":"2023-02-15T10:10:00","date_gmt":"2023-02-15T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21340"},"modified":"2023-02-10T09:49:01","modified_gmt":"2023-02-10T17:49:01","slug":"head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/","title":{"rendered":"Head Into 2023 Likely to Be Challenges, But Don&#8217;t Expect A Housing Market Crash"},"content":{"rendered":"<p style=\"text-align: justify;\">As interest rate hikes destabilized Canada\u2019s housing market over the last year, a new report from RE\/MAX offers some reassurance to anyone who\u2019s concerned about a housing market crash.<\/p>\n<p style=\"text-align: justify;\">Despite the difficulties of the last year, homeowners are well-prepared to weather the storm. As such, a 2008-esque crash just isn\u2019t in the cards for the Canadian market.<\/p>\n<p style=\"text-align: justify;\">According to the real estate firm, loan-to-value ratios declined in 67 percent of Canadian markets over the last decade \u2013 meaning homeowners own more of their homes outright than ever before.<\/p>\n<p style=\"text-align: justify;\">The lowest loan-to-value ratios were observed in some of the country\u2019s most expensive markets \u2013 with Vancouver, Toronto and Hamilton all having averages of over 50 percent.<\/p>\n<p style=\"text-align: justify;\">Regina and Edmonton had high loan-to-value ratios at 88 and 83 percent respectively \u2013 but those figures are expected to change as Alberta and Saskatchewan\u2019s economic engines gain momentum and drive homebuying activity.<\/p>\n<p style=\"text-align: justify;\">On a national basis, loan-to-value ratios hovered around 57 percent.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile challenges certainly exist in today\u2019s high interest rate environment, risk factors for the overall housing market are greatly reduced when homeowners own a larger portion of their homes,\u201d Christopher Alexander, president of RE\/MAX Canada, said. \u201cWith half of loan-to-value ratios within the 50- and 60- percent rage in Canadian markets, homeowners are better able to withstand downward pressure on housing values and fewer will find themselves underwater, carrying upside down loans.\u201d<\/p>\n<p style=\"text-align: justify;\">RE\/MAX cites three key reasons for the downward pressure on LTV ratios over the last decade :<\/p>\n<p style=\"text-align: justify;\"><em>1. Equity gains<\/em><br \/>\n<em>2. The pandemic facilitating the rise of remote work in smaller markets<\/em><br \/>\n<em>3. The transfer of intergenerational wealth<\/em><\/p>\n<p style=\"text-align: justify;\">Canadian homebuyers are much better qualified as a result. The number of buyers with credit scores below 660 has dropped significantly in the last 10 years and fell to 4.7 per cent in Q3-22.<\/p>\n<p style=\"text-align: justify;\">Mortgage delinquency rates also fell in most markets across the country, with the national percentage sitting at 0.14 percent \u2013 down over 63 percent from 2012. Ontario and British Columbia had the lowest rates of delinquency at 0.08 percent.<\/p>\n<p style=\"text-align: justify;\">Overall risk for the market remains low, thanks in part to the stress test.<\/p>\n<p style=\"text-align: justify;\">\u201cGovernment implemented measures to reduce risk to the country\u2019s housing markets, including the much-maligned stress test, have also gone a long way in maintaining the overall health of the Canadian market,\u201d Elton Ash, Executive vice president of RE\/MAX said. \u201cThe housing market in Canada has a reputation for stability relative to other international markets, and prudent policy plays a substantial role.\u201d<br \/>\nAccording to RE\/MAX, population growth drove homebuying activity over the last decade. The quarterly population estimate has risen by 12 percent on average from Q3-2012 to Q3-2022, and population growth isn\u2019t expected to slow down any time soon.<\/p>\n<p style=\"text-align: justify;\">Looking towards the rest of 2023, the real estate firm expects smaller markets across the country to grow as consumers turn their attention away from expensive urban markets.<\/p>\n<p style=\"text-align: justify;\">\u201cAs we head into 2023, there are likely to be challenges, but a healthy number of homebuyers are expected to continue to enter the country\u2019s housing markets from coast to coast,\u201d Ash said. \u201cThe trend towards smaller markets should continue to play out in Atlantic Canada, Ontario and Western Canada \u2013 areas where in-migration from more expensive markets has occurred recently.\u201d<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2023\/02\/dont-expect-housing-market-crash-says-remax.html\" target=\"_blank\" rel=\"noopener\">Re\/Max : Don&#8217;t Expect A Housing Market Crash<\/a> by Cassie Apperloo | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As interest rate hikes destabilized Canada\u2019s housing market over the last year, a new report from RE\/MAX offers some reassurance to anyone who\u2019s concerned about a housing market crash. Despite &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/\">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-21340","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>Head Into 2023 Likely to Be Challenges, But Don&#039;t Expect A Housing Market Crash &#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\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Head Into 2023 Likely to Be Challenges, But Don&#039;t Expect A Housing Market Crash &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As interest rate hikes destabilized Canada\u2019s housing market over the last year, a new report from RE\/MAX offers some reassurance to anyone who\u2019s concerned about a housing market crash. Despite &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\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Head Into 2023 Likely to Be Challenges, But Don&#8217;t Expect A Housing Market Crash\",\"datePublished\":\"2023-02-15T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/\"},\"wordCount\":563,\"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\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/\",\"name\":\"Head Into 2023 Likely to Be Challenges, But Don't Expect A Housing Market Crash &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2023-02-15T18:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Head Into 2023 Likely to Be Challenges, But Don&#8217;t Expect A Housing Market Crash\"}]},{\"@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":"Head Into 2023 Likely to Be Challenges, But Don't Expect A Housing Market Crash &#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\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/","twitter_card":"summary_large_image","twitter_title":"Head Into 2023 Likely to Be Challenges, But Don't Expect A Housing Market Crash &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"As interest rate hikes destabilized Canada\u2019s housing market over the last year, a new report from RE\/MAX offers some reassurance to anyone who\u2019s concerned about a housing market crash. Despite &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\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Head Into 2023 Likely to Be Challenges, But Don&#8217;t Expect A Housing Market Crash","datePublished":"2023-02-15T18:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/"},"wordCount":563,"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\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/","url":"https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/","name":"Head Into 2023 Likely to Be Challenges, But Don't Expect A Housing Market Crash &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2023-02-15T18:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2023\/02\/head-into-2023-likely-to-be-challenges-but-dont-expect-a-housing-market-crash\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Head Into 2023 Likely to Be Challenges, But Don&#8217;t Expect A Housing Market Crash"}]},{"@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\/21340","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=21340"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/21340\/revisions"}],"predecessor-version":[{"id":21341,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/21340\/revisions\/21341"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=21340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=21340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=21340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}