{"id":4526,"date":"2017-01-13T10:10:35","date_gmt":"2017-01-13T18:10:35","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4526"},"modified":"2017-01-20T13:36:45","modified_gmt":"2017-01-20T21:36:45","slug":"a-canadian-housing-crash-coming","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/01\/a-canadian-housing-crash-coming\/","title":{"rendered":"A Canadian Housing Crash Coming?"},"content":{"rendered":"<p style=\"text-align: justify;\">Don\u2019t worry, Canada\u2019s housing market isn\u2019t on course for a crash, just don\u2019t expect Canadian home prices to continue increasing at breakneck speeds, suggests a UK-based forecasting firm.<\/p>\n<p style=\"text-align: justify;\">Oren Klachkin, a senior economist with Oxford Economics, says new mortgage rules \u201cwill cool but not crash\u201d Canadian real estate this year. Ditto for expected higher interest rates and BC\u2019s foreign-buyer tax applied to the Greater Vancouver Area.<\/p>\n<p style=\"text-align: justify;\">Downward pressure from these factors will translate to national home prices climbing by a more-tempered 6 per cent this year, shy of the 10% gains recorded in 2016, according a new research briefing authored by Klachkin.<\/p>\n<p style=\"text-align: justify;\">The economist predicts that Greater Vancouver and the Greater Toronto Area, the two markets driving national prices, will show \u201csome signs of success\u201d this year despite the headwinds.<\/p>\n<p style=\"text-align: justify;\">\u201cWe don\u2019t see much downside after this as there are still plenty of factors supporting property prices in those two metropolitan areas,\u201d he says in the briefing.<\/p>\n<p style=\"text-align: justify;\">Relatively ebullient economies in Ontario and BC are encouraging Canadians to move to these provinces \u2014 especially given unemployment in oil-producing regions \u2014 pulling home prices higher as more people compete for limited listings, he says.<\/p>\n<p style=\"text-align: justify;\">According to a BMO research note published this morning, net interprovincial migration to Ontario hit 12,000 in the third quarter of last year, the highest level in nearly three decades.<\/p>\n<p style=\"text-align: justify;\">Meantime, builders in the GTA and Greater Vancouver haven\u2019t kept up with strong demand in those markets, resulting in more upward pressure on prices, the briefing says. Local land-use policies are noted as a factor reining in residential construction.<\/p>\n<p style=\"text-align: justify;\">Congestion resulting from \u201cinfrastructure deficiencies\u201d plays a part, too, says Klachkin. Brutal commutes in the GTA and Greater Vancouver make people working in urban centres reluctant to search for housing further outside the cores.<\/p>\n<p style=\"text-align: justify;\">\u201cThese constraints are unlikely to disappear in the near term, providing additional support for prices,\u201d he writes.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/01\/canadian-housing-crash-not-coming.html\" target=\"_blank\">A Canadian Housing Crash Coming? Not According to This Economist<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Don\u2019t worry, Canada\u2019s housing market isn\u2019t on course for a crash, just don\u2019t expect Canadian home prices to continue increasing at breakneck speeds, suggests a UK-based forecasting firm. Oren Klachkin, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/a-canadian-housing-crash-coming\/\">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":[13],"tags":[],"class_list":["post-4526","post","type-post","status-publish","format-standard","hentry","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 Canadian Housing Crash Coming? &#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\/2017\/01\/a-canadian-housing-crash-coming\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Canadian Housing Crash Coming? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Don\u2019t worry, Canada\u2019s housing market isn\u2019t on course for a crash, just don\u2019t expect Canadian home prices to continue increasing at breakneck speeds, suggests a UK-based forecasting firm. 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