{"id":22116,"date":"2023-06-27T10:10:00","date_gmt":"2023-06-27T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22116"},"modified":"2023-06-09T09:40:54","modified_gmt":"2023-06-09T16:40:54","slug":"home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/06\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\/","title":{"rendered":"Home Sellers are Beginning to Warm-Up, But Not Enough to Quell Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">More sellers returned to Canadian housing markets in May, according to the latest numbers from local real estate boards, but a new report from RBC Economics cautions that it\u2019s not enough to bring those markets into balance.<\/p>\n<p style=\"text-align: justify;\">\u201cSellers are beginning to warm up to recovering housing markets,\u201d writes Assistant Chief Economist Robert Hogue in Tuesday\u2019s report. \u201cEarly reports from local real estate boards unanimously show a material rise in new listings in May. This is good news for buyers who have been frustrated by historically low inventories. But in most cases, the rise in supply made only a small dent in tight demand-supply conditions.\u201d<\/p>\n<p style=\"text-align: justify;\">Hogue goes on to say that in order to quell demand, a \u201cfurther large influx\u201d of sellers is needed. In the meantime, prices are being pushed upwards across the board.<\/p>\n<p style=\"text-align: justify;\">\u201cWe think higher prices will play their role as a stabilizer for the market: cooling demand and pulling in more supply. Our view is that mechanism as well as affordability issues will restrain further price appreciation. However, the current market strength clearly poses upside risks.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver \u201cNew Buying Opportunities\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">\u201cMore sellers stepped into the market in May, taking advantage of increasingly favourable conditions over the past few months,\u201d writes Hogue of Vancouver\u2019s market. On a seasonally adjusted basis, RBC estimates that the Vancouver area saw a 15% spike in new listings between April and May, marking the largest increase since January. \u201cThese new buying opportunities generated further increases in resale transactions, extending the current upswing to four months.\u201d<\/p>\n<p style=\"text-align: justify;\">Nonetheless, demand-supply conditions remained tight, and prices continued to trend upwards. For the fourth month in a row, Vancouver\u2019s MLS HPI lifted, growing by 1.3% between April and May.<\/p>\n<p style=\"text-align: justify;\">Says Hogue, \u201cOur view is that extremely poor affordability will significantly limit the speed at which they will rise in the period ahead.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/storeys.com\/may-influx-of-home-sellers-rbc-economics\/\" target=\"_blank\" rel=\"noopener\">May&#8217;s &#8220;Influx&#8221; of Home Sellers Not Enough to Quell Demand, Bring Down Prices<\/a> by Zakiya Kassam | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More sellers returned to Canadian housing markets in May, according to the latest numbers from local real estate boards, but a new report from RBC Economics cautions that it\u2019s not &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/06\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\/\">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-22116","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>Home Sellers are Beginning to Warm-Up, But Not Enough to Quell Demand &#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\/06\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Sellers are Beginning to Warm-Up, But Not Enough to Quell Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"More sellers returned to Canadian housing markets in May, according to the latest numbers from local real estate boards, but a new report from RBC Economics cautions that it\u2019s not &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\\\/2023\\\/06\\\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/06\\\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Home Sellers are Beginning to Warm-Up, But Not Enough to Quell Demand\",\"datePublished\":\"2023-06-27T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/06\\\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\\\/\"},\"wordCount\":336,\"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\\\/06\\\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/06\\\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/06\\\/home-sellers-are-beginning-to-warm-up-but-not-enough-to-quell-demand\\\/\",\"name\":\"Home Sellers are Beginning to Warm-Up, But Not Enough to Quell Demand &#8226; 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