{"id":2150,"date":"2016-05-31T11:11:44","date_gmt":"2016-05-31T18:11:44","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2150"},"modified":"2016-05-30T15:45:15","modified_gmt":"2016-05-30T22:45:15","slug":"canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/05\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\/","title":{"rendered":"Canada\u2019s Housing Shows Some Signs of Cooling as High Prices Create &#8220;A Vicious Circle&#8221;"},"content":{"rendered":"<p style=\"text-align: justify;\">VANCOUVER|TORONTO \u2014 Seven years into a Canadian housing boom that many have warned will end in a bust, there are signs of a sales slowdown in the two hottest cities, with some economists and real estate agents saying the peak has passed.<\/p>\n<p style=\"text-align: justify;\">A cooling of sales activity in Toronto and Vancouver, the two tent poles holding up an otherwise soggy national housing market, could bring the two markets into line with the rest of the country\u2019s tepid economy.<\/p>\n<p style=\"text-align: justify;\">It would be welcome news to homebuyers who have struggled to win bidding wars in the two cities, which represent about 54 per cent of the Canadian housing market. Even some real estate agents welcome the idea of a calmer market.<\/p>\n<p style=\"text-align: justify;\">\u201cA few months ago the dogs \u2014 the less desirable units that a year ago nobody was bidding on \u2014 they were going with multiple offers \u2026 that\u2019s definitely slowed,\u201d said Pete Shpak, a Vancouver agent.<\/p>\n<p style=\"text-align: justify;\">\u201cI have seen a couple (homes) lately, though, that I thought would go into multiple offers, but didn\u2019t,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">A few months ago the dogs \u2014 the less desirable units that a year ago nobody was bidding on \u2014 they were going with multiple offers \u2026 that\u2019s definitely slowed.<br \/>\n.<br \/>\nPrices are still up dramatically over the past five years in both cities, rising 41% in Vancouver and 45% in Toronto, according to the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">But seasonally adjusted residential sales in Toronto fell by 1.8% in March from February and were flat in April, while Vancouver sales slipped 0.3% in March and 1.0% in April. Activity was still well up from a year ago.<\/p>\n<p style=\"text-align: justify;\">\u201cThere are reasons to believe maybe we\u2019ve hit the peak in those two markets,\u201d Gregory Klump, chief economist for CREA, said on Friday. \u201cBut I expect them to remain strong.\u201d<\/p>\n<p style=\"text-align: justify;\">Some economists said US interest rate hikes expected later this year could drive up Canadian bond yields and mortgage rates, helping cool sales.<\/p>\n<p style=\"text-align: justify;\">Desjardins senior economist Benoit Durocher sees a lack of affordability ending the boom in Toronto and Vancouver, where prices have far outstripped income gains.<\/p>\n<p style=\"text-align: justify;\">\u201cSince prices are so high, you have fewer buyers in the market and fewer transactions. I think it is the first step before an adjustment in the price,\u201d said Durocher, who expects national prices to drop 3% in 2017.<\/p>\n<p style=\"text-align: justify;\">Klump and others also blame limited new listings for stalling monthly sales growth, as some homeowners who would like to cash in fear an inability to move up.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s a vicious circle. As people consider selling, it might be very difficult to find a home to meet their needs. We haven\u2019t seen as many listings as you would expect based on price growth,\u201d said Jason Mercer, director of market analysis at the Toronto Real Estate Board.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/after-long-boom-canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\" target=\"_blank\">After Long Boom, Canada\u2019s Housing Shows Some Signs of Cooling as High Prices Create &#8220;A Vicious Circle&#8221; <\/a>by Julie Gordon &amp; Andrea Hopkins | Reuters | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VANCOUVER|TORONTO \u2014 Seven years into a Canadian housing boom that many have warned will end in a bust, there are signs of a sales slowdown in the two hottest cities, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/05\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\/\">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-2150","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canada\u2019s Housing Shows Some Signs of Cooling as High Prices Create &quot;A Vicious Circle&quot; &#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\/2016\/05\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada\u2019s Housing Shows Some Signs of Cooling as High Prices Create &quot;A Vicious Circle&quot; &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"VANCOUVER|TORONTO \u2014 Seven years into a Canadian housing boom that many have warned will end in a bust, there are signs of a sales slowdown in the two hottest cities, &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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/05\\\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/05\\\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Canada\u2019s Housing Shows Some Signs of Cooling as High Prices Create &#8220;A Vicious Circle&#8221;\",\"datePublished\":\"2016-05-31T18:11:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/05\\\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\\\/\"},\"wordCount\":500,\"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\\\/2016\\\/05\\\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/05\\\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/05\\\/canadas-housing-shows-some-signs-of-cooling-as-high-prices-create-a-vicious-circle\\\/\",\"name\":\"Canada\u2019s Housing Shows Some Signs of Cooling as High Prices Create \\\"A Vicious Circle\\\" &#8226; 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