{"id":4016,"date":"2016-11-17T10:10:00","date_gmt":"2016-11-17T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4016"},"modified":"2016-11-15T19:42:54","modified_gmt":"2016-11-16T03:42:54","slug":"how-the-new-mortgage-rules-have-impacted-housing-markets-across-the-country","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/how-the-new-mortgage-rules-have-impacted-housing-markets-across-the-country\/","title":{"rendered":"How the New Mortgage Rules Have Impacted Housing Markets Across the Country"},"content":{"rendered":"<p style=\"text-align: justify;\">This is how the new mortgage rules have impacted housing markets across the country.<\/p>\n<p style=\"text-align: justify;\">\u201cFirst-time home buyers looking to get into the market before having to face tougher mortgage eligibility criteria had only two weeks to do so following the Finance Minister\u2019s announcement of tighter mortgage regulations in early October,\u201d said Gregory Klump, CREA\u2019s Chief Economist. \u201cEarly evidence suggests that the influence of tighter mortgage regulations on sales activity has been mixed.<\/p>\n<p style=\"text-align: justify;\">\u201cThe federal government will no doubt want to monitor the effect of new mortgage regulations on the many varied housing markets across Canada and on the economy, particularly given the recent rise in uncertainty about economic growth prospects following the US presidential election.\u201d<\/p>\n<p style=\"text-align: justify;\">According to CREA, home sales edged up 2.4% month-over-month in October.<\/p>\n<p style=\"text-align: justify;\">Sales were up year-over-year in about 60% of all markets, according to the association, with strong activity in Toronto offsetting declines in Vancouver.<\/p>\n<p style=\"text-align: justify;\">The national average home price jumped 5.9% year-over-year.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile prices in 9 of the 11 markets tracked by the MLS HPI posted y-o-y gains in October, increases continue to vary widely among housing markets,\u201d CREA said. \u201cGreater Vancouver (+24. 8 percent) and the Fraser Valley (+32.5 percent) posted the largest y-o-y gains, although single family home prices in both of these markets are now off peak.<\/p>\n<p style=\"text-align: justify;\">\u201cDouble-digit y-o-y percentage price gains were also registered in Greater Toronto (+19.7 percent), Victoria (+20.1 percent) and Vancouver Island (+15.8 percent).\u201d<\/p>\n<p style=\"text-align: justify;\">While it\u2019s obvious the recently announced mortgage rules will impact markets across the country, CREA argues more time is needed to realize the full effect.<\/p>\n<p style=\"text-align: justify;\">\u201cThe expanded stress-test for home buyers who need mortgage default insurance took effect in the middle of October,\u201d said CREA President Cliff Iverson. \u201cMore time will need to pass before its effect on housing markets can be gauged. The extent to which they will push first-time home buyers to the sidelines may vary among housing markets.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/national-sales-up-in-october-217141.aspx\" target=\"_blank\">National Sales Up in October<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is how the new mortgage rules have impacted housing markets across the country. \u201cFirst-time home buyers looking to get into the market before having to face tougher mortgage eligibility &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/how-the-new-mortgage-rules-have-impacted-housing-markets-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-4016","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 the New Mortgage Rules Have Impacted Housing Markets Across the Country &#8226; 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