{"id":2634,"date":"2016-07-12T10:10:30","date_gmt":"2016-07-12T17:10:30","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2634"},"modified":"2016-07-08T11:44:51","modified_gmt":"2016-07-08T18:44:51","slug":"how-canadas-hottest-housing-markets-could-cool-themselves","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/","title":{"rendered":"How Canada\u2019s Hottest Housing Markets Could Cool Themselves"},"content":{"rendered":"<p style=\"text-align: justify;\">Calls for the government to intervene and curb soaring home prices in Canada\u2019s hottest housing markets are growing louder, but a new report outlines another way markets may be cooled down.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect declining affordability to help gradually cool the early-2016 surge in Vancouver\u2019s, Victoria\u2019s and Toronto\u2019s housing markets, despite their solid employment growth this year,\u201d says Scotiabank\u2019s Global Outlook.<\/p>\n<p style=\"text-align: justify;\">In a separate report, BMO recently highlighted job creation in Toronto and Vancouver as a major driver of surging prices in these markets, noting a quarter of all jobs in the country are based in the two cities.<\/p>\n<p style=\"text-align: justify;\">Employment in June grew 6.3% in Vancouver, compared to that time last year, and 2.1% in Toronto looking at the same time frame, according to Statistics Canada\u2019s latest Labour Force Survey, released today.<\/p>\n<p style=\"text-align: justify;\">In Scotiabank\u2019s forecast report, which covers everything from North American industrial activity to housing, the bank noted the impact these cities, with their high employment and real estate activity, are having on a broader level.<\/p>\n<p style=\"text-align: justify;\">\u201cNational home sales are currently supported by elevated activity in BC and Ontario, especially in and around Vancouver and Toronto,\u201d says Scotiabank.<\/p>\n<p style=\"text-align: justify;\">The average price of a Canadian home in May was $509,460, which is 13.2% more expensive than a year earlier, according to the most recent numbers from the Canadian Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">But remove Greater Toronto and Greater Vancouver from calculations and the average price falls to $375,532, up 9.1% year-over-year.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, (Toronto and Vancouver) are beginning to show early signs of levelling off as rapid and sustained price gains erode affordability,\u201d Scotiabank continues.<\/p>\n<p style=\"text-align: justify;\">Speaking to BuzzBuzzHome News recently, Diana Petramala, a TD real estate economist, explained how high prices, such as in Vancouver, where the benchmark price of a detached home was $1,561,500 in June, can eventually cause even investors to turn attention elsewhere.<\/p>\n<p style=\"text-align: justify;\">\u201cPrices are pretty bid up,\u201d said Petramala of Vancouver. \u201cWhat investors probably are looking for are places that have more upside potential,\u201d she explains.<\/p>\n<p style=\"text-align: justify;\">That\u2019s relatively good news for those concerned about skyrocketing home prices there, and comes in the wake of a proposal from Vancouver Mayor Gregor Robertson to tax investors for letting their houses sit empty.<\/p>\n<p style=\"text-align: justify;\">As the resale housing market cools, Scotiabank predicts builders will pull back on construction of new homes.<\/p>\n<p style=\"text-align: justify;\">The bank is predicting housing starts will reach around 190,000 units this year, shy of 2015\u2019s total of 196,000.<\/p>\n<p style=\"text-align: justify;\">CMHC, which tracks construction progress of homes from coast to coast, defines a start \u201cas the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure.\u201d<\/p>\n<p style=\"text-align: justify;\">For 2017, Scotiabank is calling for starts to slump to 180,000 units. \u201cSoftening rent growth and rising rental vacancy rates point to a reduced pace of apartment construction, a major driver of starts in recent years,\u201d the bank explains.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/07\/canadas-housing-markets-could-cool-themselves.html\" target=\"_blank\">How Canada\u2019s Hottest Housing Markets Could Cool Themselves<\/a> by Josh Sherman | Buzz Buzz Homes<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calls for the government to intervene and curb soaring home prices in Canada\u2019s hottest housing markets are growing louder, but a new report outlines another way markets may be cooled &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/\">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-2634","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>How Canada\u2019s Hottest Housing Markets Could Cool Themselves &#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\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Canada\u2019s Hottest Housing Markets Could Cool Themselves &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Calls for the government to intervene and curb soaring home prices in Canada\u2019s hottest housing markets are growing louder, but a new report outlines another way markets may be cooled &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\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"How Canada\u2019s Hottest Housing Markets Could Cool Themselves\",\"datePublished\":\"2016-07-12T17:10:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/\"},\"wordCount\":496,\"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\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/\",\"name\":\"How Canada\u2019s Hottest Housing Markets Could Cool Themselves &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2016-07-12T17:10:30+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/07\\\/how-canadas-hottest-housing-markets-could-cool-themselves\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How Canada\u2019s Hottest Housing Markets Could Cool Themselves\"}]},{\"@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":"How Canada\u2019s Hottest Housing Markets Could Cool Themselves &#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\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/","twitter_card":"summary_large_image","twitter_title":"How Canada\u2019s Hottest Housing Markets Could Cool Themselves &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Calls for the government to intervene and curb soaring home prices in Canada\u2019s hottest housing markets are growing louder, but a new report outlines another way markets may be cooled &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"How Canada\u2019s Hottest Housing Markets Could Cool Themselves","datePublished":"2016-07-12T17:10:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/"},"wordCount":496,"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\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/","url":"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/","name":"How Canada\u2019s Hottest Housing Markets Could Cool Themselves &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2016-07-12T17:10:30+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2016\/07\/how-canadas-hottest-housing-markets-could-cool-themselves\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"How Canada\u2019s Hottest Housing Markets Could Cool Themselves"}]},{"@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\/2634","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=2634"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/2634\/revisions"}],"predecessor-version":[{"id":2636,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/2634\/revisions\/2636"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=2634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=2634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=2634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}