{"id":23012,"date":"2023-12-11T10:10:00","date_gmt":"2023-12-11T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23012"},"modified":"2023-12-05T05:47:41","modified_gmt":"2023-12-05T13:47:41","slug":"housing-market-competition-is-cooling-across-the-country","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/12\/housing-market-competition-is-cooling-across-the-country\/","title":{"rendered":"Housing Market Competition is Cooling Across The Country"},"content":{"rendered":"<p style=\"text-align: justify;\">Gone are the bidding wars previously seen in many communities, as higher interest rates cause buyers to take a step back and housing inventories build.<\/p>\n<p style=\"text-align: justify;\">Bank of Canada rate hikes may have ended, but their effects have not, says Desjardins principal economist Marc Desormeaux in his housing outlook.<\/p>\n<p style=\"text-align: justify;\">Overheated housing markets like Toronto and Vancouver were hit first, but now the weakness is spreading throughout the country.<\/p>\n<p style=\"text-align: justify;\">\u201cListings have also climbed nearly across the board in a sign that homeowners may be struggling with higher mortgage rates,\u201d said Desormeaux.<\/p>\n<p style=\"text-align: justify;\">\u201cSo while supply\u2013demand balances are still tighter in Alberta than in Ontario and BC, all major markets are loosening.\u201d<\/p>\n<p style=\"text-align: justify;\">A recent study by online realtor Zoocasa aimed to find out by how much. The study analyzes market competition across 23 cities in Canada to determine their sales-to-new-listings ratios (SNLR). A ratio under 40% where new listings overtake sales suggests a buyer\u2019s market, between 40% and 60% is a balanced market and over 60%, where demand exceeds supply, is a seller\u2019s market.<\/p>\n<p style=\"text-align: justify;\">When Zoocasa did this same analysis last spring, there were no buyer\u2019s markets in Canada, but that has changed.<\/p>\n<p style=\"text-align: justify;\">Greater Toronto, Niagara Region, Hamilton-Burlington and Victoria have since flipped to buyer\u2019s markets. The SNLR is lowest in Toronto and Niagara Region at 32%, suggesting that buyers in these regions have more bargaining power.<\/p>\n<p style=\"text-align: justify;\">\u201cNiagara Region also boasts a relatively lower average home price for Ontario at $639,900, giving buyers an opportunity to snatch up an affordable home without facing bidding wars,\u201d said Zoocasa\u2019s Mackenzie Scibetta.<\/p>\n<p style=\"text-align: justify;\">Eight of the markets Zoocasa analyzed are now balanced, but some are close to the edge. London and St Thomas in Ontario have an SNLR of 40%, right on the line between balanced and buyer\u2019s markets. Fraser Valley and Ottawa are also close with SNLRs of 41% and 43%, respectively. Greater Vancouver is at 44%.<\/p>\n<p style=\"text-align: justify;\">\u201cWith many of Ontario\u2019s most in-demand markets favouring buyers or currently in a balanced state, sideline buyers who have been apprehensive about entering the market may find that now is actually the right time,\u201d said Scibetta. \u201cLess competition and more inventory often lead to greater negotiating power.\u201d<\/p>\n<p style=\"text-align: justify;\">It\u2019s another story out west, where competition is still running hot. The most competitive market in Canada, according to the study, is Regina, where the SNLR is 80%. That\u2019s up from last year\u2019s SNLR of 73%.<\/p>\n<p style=\"text-align: justify;\">Alberta\u2019s robust economy boosted by the oil and gas industry and its cheaper housing have been a big draw for young and new Canadians in recent years.<\/p>\n<p style=\"text-align: justify;\">In Regina, the average home price in October was $308,500 \u2013 compared to the national average of $731,100, said the study.<\/p>\n<p style=\"text-align: justify;\">Calgary also has one of the highest SNLRs in the country at 79%, but that is down from 84% last year, suggesting some of the heat is seeping out of this market. Unlike other major centres in the country, Calgary home prices have continued to climb, with the average hitting $555,400 in October, a record high.<\/p>\n<p style=\"text-align: justify;\">Most of the markets Zoocasa studied are less competitive than they were a year ago. Only two, Saguenay CMA and Edmonton, have moved from a balanced market to a seller\u2019s market this year.<\/p>\n<p style=\"text-align: justify;\">Looking ahead, economists say to expect more of the same as higher borrowing costs continue to take a toll.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada\u2019s pause is not expected to spark the rally it did last spring, and the economic downturn forecast for 2024 will further dampen activity, said Desjardins\u2019 Desormeaux.<\/p>\n<p style=\"text-align: justify;\">But while the outlook for the spring season is downbeat, economists expect that as the Bank begins to cut rates and the economy bounces back later in the year, sales and prices will pick up again.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.simcoereformer.ca\/news\/is-your-city-buyers-market-or-sellers?\" target=\"_blank\" rel=\"noopener\">Posthaste : Buyer&#8217;s Market or Seller&#8217;s? Find Out How Your City&#8217;s Real Estate Ranks<\/a> by Pamela Heaven | Simcoe Reformer<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gone are the bidding wars previously seen in many communities, as higher interest rates cause buyers to take a step back and housing inventories build. Bank of Canada rate hikes &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/12\/housing-market-competition-is-cooling-across-the-country\/\">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-23012","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>Housing Market Competition is Cooling Across The Country &#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\/12\/housing-market-competition-is-cooling-across-the-country\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Market Competition is Cooling Across The Country &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Gone are the bidding wars previously seen in many communities, as higher interest rates cause buyers to take a step back and housing inventories build. 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