{"id":24263,"date":"2024-07-22T10:10:00","date_gmt":"2024-07-22T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24263"},"modified":"2024-07-12T11:00:20","modified_gmt":"2024-07-12T18:00:20","slug":"a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/","title":{"rendered":"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply &#038; Fewer Rate Cut Expected"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian Real Estate Association says it is scaling back its housing market forecast for the remainder of the year amid increased levels of supply and a quiet spring spurred by fewer interest rate cuts expected in 2024.<\/p>\n<p style=\"text-align: justify;\">The association said Friday it anticipates a gradual rebound in the national housing market, with 472,395 properties forecast to trade hands this year to mark a 6.1% increase from 2023 \u2014 down from its forecast in April of a 10.5% gain.<\/p>\n<p style=\"text-align: justify;\">The revised forecast came as CREA reported the latest national home sales and pricing data for June.<\/p>\n<p style=\"text-align: justify;\">On a year-over-year basis, the number of homes that changed hands in the month fell 9.4%, reflecting stronger activity in spring 2023. But CREA said sales ticked up 3.7% on a month-over-month basis.<\/p>\n<p style=\"text-align: justify;\">\u201cIt wasn\u2019t a \u2018blow the doors off\u2019 month by any means, but Canada\u2019s housing numbers did perk up a bit on a month-over-month basis in June following the first Bank of Canada rate cut,\u201d said CREA senior economist Shaun Cathcart in a press release.<\/p>\n<p style=\"text-align: justify;\">It said the average price of a home sold last month amounted to $696,179, down 1.6% from June 2023. Nationally, prices ticked up 0.1% compared with May, the first month-over-month gain in 11 months.<\/p>\n<p style=\"text-align: justify;\">&#8220;This could be a harbinger of improved activity ahead,&#8221; said TD economist Rishi Sondhi in a note.<\/p>\n<p style=\"text-align: justify;\">&#8220;Indeed, we think that markets will be stronger in the back half of the year, as the economy holds up and more meaningful interest rate relief is delivered. However, stretched affordability conditions will likely limit the degree of improvement.&#8221;<\/p>\n<p style=\"text-align: justify;\">CREA said it is now forecasting just a 2.5% annual increase in the average price of a home for 2024 to $694,393. That&#8217;s down from its previous forecast of a 4.9% increase.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada began its rate-lowering process with a June 5 cut that brought its key interest rate down to 4.75% from 5%.<\/p>\n<p style=\"text-align: justify;\">&#8220;All told, the resale housing market was subdued across much of the country in June, with little major response to the initial rate cut of this cycle,&#8221; said BMO senior economist Robert Kavcic in a note.<\/p>\n<p style=\"text-align: justify;\">&#8220;For the Bank of Canada, this will be considered good news as the market is not standing in the way of further easing at this point.&#8221;<\/p>\n<p style=\"text-align: justify;\">Additional potential rate cuts by the central bank later this year should bring more would-be buyers off the sidelines, said John Lusink, president of Right at Home Realty, in an interview.<\/p>\n<p style=\"text-align: justify;\">&#8220;I think if they&#8217;re significant enough, we could see a bit of a surge in activity by mid-to-late Q4,&#8221; said Lusink, adding he would be &#8220;surprised if we didn&#8217;t see rate cuts throughout the remainder of the year.&#8221;<\/p>\n<p style=\"text-align: justify;\">&#8220;I wouldn&#8217;t say to any buyer, &#8216;Wait,&#8217; but I would say take your time, and there&#8217;s lots of inventory out there at the moment.&#8221;<\/p>\n<p style=\"text-align: justify;\">There were about 180,000 properties listed for sale across Canada at the end of June, up 26% from a year earlier but still below historical averages of around 200,000 for this time of the year.<\/p>\n<p style=\"text-align: justify;\">New listings grew 1.5% month-over-month in June, led by the Greater Toronto Area and BC Lower Mainland.<\/p>\n<p style=\"text-align: justify;\">&#8220;You&#8217;ve got sellers sitting on one side, buyers on the other and the two aren&#8217;t meeting in the middle,&#8221; said Lusink.<\/p>\n<p style=\"text-align: justify;\">&#8220;It&#8217;s sort of a holding pattern.&#8221;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.biv.com\/news\/crea-cuts-housing-market-forecast-for-2024-despite-june-sales-rising-9211420\" target=\"_blank\" rel=\"noopener\">CREA Cuts Housing Market Forecast for 2024 Despite June Sales Rising<\/a> by Sammy Hudes | The Canadian Press | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian Real Estate Association says it is scaling back its housing market forecast for the remainder of the year amid increased levels of supply and a quiet spring spurred &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/\">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-24263","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>A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply &amp; Fewer Rate Cut Expected &#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\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply &amp; Fewer Rate Cut Expected &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian Real Estate Association says it is scaling back its housing market forecast for the remainder of the year amid increased levels of supply and a quiet spring spurred &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\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply &#038; Fewer Rate Cut Expected\",\"datePublished\":\"2024-07-22T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/\"},\"wordCount\":571,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/\",\"name\":\"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply & Fewer Rate Cut Expected &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2024-07-22T17:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply &#038; Fewer Rate Cut Expected\"}]},{\"@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":"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply & Fewer Rate Cut Expected &#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\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/","twitter_card":"summary_large_image","twitter_title":"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply & Fewer Rate Cut Expected &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"The Canadian Real Estate Association says it is scaling back its housing market forecast for the remainder of the year amid increased levels of supply and a quiet spring spurred &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\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply &#038; Fewer Rate Cut Expected","datePublished":"2024-07-22T17:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/"},"wordCount":571,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates","Real Estate"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/","url":"https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/","name":"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply & Fewer Rate Cut Expected &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2024-07-22T17:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/a-holding-pattern-housing-market-forecast-revised-amid-increased-levels-of-supply-fewer-rate-cut-expected\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"A Holding Pattern : Housing Market Forecast Revised, Amid Increased Levels of Supply &#038; Fewer Rate Cut Expected"}]},{"@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\/24263","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=24263"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24263\/revisions"}],"predecessor-version":[{"id":24265,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24263\/revisions\/24265"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=24263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=24263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=24263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}