{"id":24237,"date":"2024-07-15T11:11:00","date_gmt":"2024-07-15T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24237"},"modified":"2024-07-12T10:52:43","modified_gmt":"2024-07-12T17:52:43","slug":"sellers-are-rushing-back-to-canada-housing-market-but-buyers-are-biding-time","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/07\/sellers-are-rushing-back-to-canada-housing-market-but-buyers-are-biding-time\/","title":{"rendered":"Sellers are Rushing Back to Canada Housing Market, but Buyers are Biding Time"},"content":{"rendered":"<p style=\"text-align: justify;\">Sellers are streaming back into the housing market, inflating inventories in Canada\u2019s biggest cities and handing more bargaining power to potential buyers.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada\u2018s slight cut to interest rates last month enticed some buyers off the sidelines, but not enough to absorb the new inventory that\u2019s been building for months, said Royal Bank of Canada economist Rachel Battaglia in a report out yesterday.<\/p>\n<p style=\"text-align: justify;\">\u201cGrowth in new listings continued to outpace sales in Canada\u2019s more expensive markets, and inventories are continuing to grow \u2014 even in the busy Calgary market,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe influx of supply has shifted more of the bargaining power to buyers, who in some markets are still extracting price concessions from sellers.\u201d<\/p>\n<p style=\"text-align: justify;\">Many sellers are likely timing their move ahead of interest rate cuts, expecting a rebound in demand, says her report. There may also be more homeowners and investors who are compelled to sell because of financial strains.<\/p>\n<p style=\"text-align: justify;\">Buyers, however, have yet to return en masse and a recent poll by the Toronto Regional Real Estate Board suggested it would take a cumulative interest rate cut of 100 basis points or more to significantly spur home sales.<\/p>\n<p style=\"text-align: justify;\">No where is the rush to sell more apparent than in the country\u2019s biggest city.<\/p>\n<p style=\"text-align: justify;\">Almost 18,000 new units went up for sale in Toronto in June, an 9.3% rise from the month before and the third monthly increase in a row.<\/p>\n<p style=\"text-align: justify;\">Active listings are now up 68% from a year ago, with condo listings up 84%. Listings for single-detached homes are up 56%.<\/p>\n<p style=\"text-align: justify;\">\u201cA slight uptick in sales activity (4.2%) from May helped absorb some of the new inventory on the market, but not enough to keep active listings from reaching a 14-year high of 23,600 in June,\u201d said Battaglia.<\/p>\n<p style=\"text-align: justify;\">Toronto home sales are still down 13% from a year ago, and prices are down 4.6%. Apartments have suffered the steepest declines, with prices down 4.7%, particularly in Toronto\u2019s core and Durham region, said RBC.<\/p>\n<p style=\"text-align: justify;\">\u201cWe think it\u2019ll take steeper interest rate cuts before prices and activity in Toronto heat up again,\u201d Battaglia said.<\/p>\n<p style=\"text-align: justify;\">Vancouver saw an uptick in sales in June, but an even bigger increase in new listings, which RBC estimates jumped 9.5% from May.<\/p>\n<p style=\"text-align: justify;\">That boost brought monthly prices down for the first time since November, putting the composite MLS benchmark home price index just 0.5% above a year ago.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect inventories to build further in the months ahead as budget constrained buyers wait for more rate cuts before entering the market,\u201d said the report.<\/p>\n<p style=\"text-align: justify;\">Home sales in Montreal rose 4% in June from May, but that hardly put a dent in the existing inventory, said RBC, which estimates active listings are now 24% higher than last year.<\/p>\n<p style=\"text-align: justify;\">\u201cWe think inventories are likely to continue trending higher in Montreal. That should keep a lid on price appreciations in the months ahead,\u201d said Battaglia.<\/p>\n<p style=\"text-align: justify;\">The United States trade deficit widened in May to the largest since 2022 as a drop in exports exceeded the drop in imports.<\/p>\n<p style=\"text-align: justify;\">Jennifer Lee, a senior economist at BMO Capital markets, said the gap may reflect some goods from China passing through Mexico with minimal changes. The trade deficit with Mexico hit a record $159 billion in May.<\/p>\n<p style=\"text-align: justify;\">\u201cThink of it as a pitstop en route to their ultimate destination: America,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">Expect measures to address this backdoor when the USMCA, or North American trade agreement, comes up for review in January 2026, said Lee.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/financialpost.com\/news\/sellers-rush-back-canada-housing-market\" target=\"_blank\" rel=\"noopener\">Posthaste : Sellers are Swarming Canada&#8217;s Housing Market &#8211; Especially in These Cities<\/a> by Pamela Heaven | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sellers are streaming back into the housing market, inflating inventories in Canada\u2019s biggest cities and handing more bargaining power to potential buyers. The Bank of Canada\u2018s slight cut to interest &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/07\/sellers-are-rushing-back-to-canada-housing-market-but-buyers-are-biding-time\/\">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":[8,13],"tags":[],"class_list":["post-24237","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sellers are Rushing Back to Canada Housing Market, but Buyers are Biding Time &#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\/2024\/07\/sellers-are-rushing-back-to-canada-housing-market-but-buyers-are-biding-time\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Sellers are Rushing Back to Canada Housing Market, but Buyers are Biding Time &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Sellers are streaming back into the housing market, inflating inventories in Canada\u2019s biggest cities and handing more bargaining power to potential buyers. 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