{"id":3695,"date":"2016-10-19T10:10:25","date_gmt":"2016-10-19T17:10:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3695"},"modified":"2016-10-14T12:50:51","modified_gmt":"2016-10-14T19:50:51","slug":"heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/","title":{"rendered":"Here&#8217;s Why the Big Bank Says Canadian Home Sales to Fall in 2017"},"content":{"rendered":"<p style=\"text-align: justify;\">To what extent forthcoming tax and mortgage measures end up cooling the Canadian housing market is anybody\u2019s guess, but one of Canada\u2019s biggest banks suggests the impact will be substantial.<\/p>\n<p style=\"text-align: justify;\">The Bank of Montreal has revised its real estate forecast for 2017, and it now predicts national sales will drop 5% year-over-year.<\/p>\n<p style=\"text-align: justify;\">Meantime, benchmark home prices still rise, but at a much cooler 1 or 2 per cent, far from the expected 12% surge this year, says Douglas Porter, BMO\u2019s chief economist.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are all along the market watchtower now, though, looking for some broad softening in sales [in the] wake of Ottawa\u2019s new measures,\u201d writes Porter.<\/p>\n<p style=\"text-align: justify;\">The economist is referring to tax and mortgage policy measures that Canadian Finance Minister Bill Morneau announced earlier this month.<\/p>\n<p style=\"text-align: justify;\">These include broader stress testing in the mortgage qualification process and the closing of a tax loophole foreign buyers could take advantage of to skirt capital gains taxes when flipping homes.<\/p>\n<p style=\"text-align: justify;\">\u201cEventually, this [sales drop] will lead to much more moderate price gains as well,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">The comments come by way of BMO\u2019s response to September resale housing market figures from the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">The number of homes changing hands in the country inched upwards 0.8% in September, compared to the previous month, according to CREA.<\/p>\n<p style=\"text-align: justify;\">At the same time, the benchmark price of a Canadian home, including condo units, reached $576,100, up about 14.4% from a year before, the association says.<\/p>\n<p style=\"text-align: justify;\">Porter writes, \u201csimilar to last month, the big story behind the national figures (which hide as much as they reveal) was well-flagged by the initial releases from the major local real estate boards.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThat is, Vancouver has turned stone cold, while Toronto remains on a rolling boil,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">The benchmark price, which is based on transactions involving similar homes, for a home in Greater Vancouver in September was $926,600, having inched down 0.7% from a month ago.<\/p>\n<p style=\"text-align: justify;\">September was the first full month that the BC government\u2019s 15% tax on foreign buyers of residential property in Metro Vancouver was in effect.<\/p>\n<p style=\"text-align: justify;\">Moving in the opposite direction, the Toronto benchmark home price increased about 1.1% month-over-month to $669,600.<\/p>\n<p style=\"text-align: justify;\">More than one observer has speculated non-residents will turn to Toronto real estate due to the tax.<\/p>\n<p style=\"text-align: justify;\">\u201cThe only remaining hot spot is now Toronto, and some surrounding cities,\u201d says Porter.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/10\/canadian-home-sales-fall-2017.html\" target=\"_blank\">Here&#8217;s Why the Big Bank Says Canadian Home Sales to Fall in 2017<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To what extent forthcoming tax and mortgage measures end up cooling the Canadian housing market is anybody\u2019s guess, but one of Canada\u2019s biggest banks suggests the impact will be substantial. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/\">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-3695","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>Here&#039;s Why the Big Bank Says Canadian Home Sales to Fall in 2017 &#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\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Here&#039;s Why the Big Bank Says Canadian Home Sales to Fall in 2017 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"To what extent forthcoming tax and mortgage measures end up cooling the Canadian housing market is anybody\u2019s guess, but one of Canada\u2019s biggest banks suggests the impact will be substantial. &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\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Here&#8217;s Why the Big Bank Says Canadian Home Sales to Fall in 2017\",\"datePublished\":\"2016-10-19T17:10:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/\"},\"wordCount\":417,\"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\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/\",\"name\":\"Here's Why the Big Bank Says Canadian Home Sales to Fall in 2017 &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2016-10-19T17:10:25+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/10\\\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Here&#8217;s Why the Big Bank Says Canadian Home Sales to Fall in 2017\"}]},{\"@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":"Here's Why the Big Bank Says Canadian Home Sales to Fall in 2017 &#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\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/","twitter_card":"summary_large_image","twitter_title":"Here's Why the Big Bank Says Canadian Home Sales to Fall in 2017 &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"To what extent forthcoming tax and mortgage measures end up cooling the Canadian housing market is anybody\u2019s guess, but one of Canada\u2019s biggest banks suggests the impact will be substantial. &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\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Here&#8217;s Why the Big Bank Says Canadian Home Sales to Fall in 2017","datePublished":"2016-10-19T17:10:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/"},"wordCount":417,"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\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/","url":"https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/","name":"Here's Why the Big Bank Says Canadian Home Sales to Fall in 2017 &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2016-10-19T17:10:25+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2016\/10\/heres-why-the-big-bank-says-canadian-home-sales-to-fall-in-2017\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Here&#8217;s Why the Big Bank Says Canadian Home Sales to Fall in 2017"}]},{"@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\/3695","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=3695"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/3695\/revisions"}],"predecessor-version":[{"id":3697,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/3695\/revisions\/3697"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=3695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=3695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=3695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}