{"id":4999,"date":"2017-02-23T10:10:21","date_gmt":"2017-02-23T18:10:21","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4999"},"modified":"2017-02-17T09:44:51","modified_gmt":"2017-02-17T17:44:51","slug":"is-canadian-housing-price-growth-entering-a-cooldown-period","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/02\/is-canadian-housing-price-growth-entering-a-cooldown-period\/","title":{"rendered":"Is Canadian Housing Price Growth Entering a Cooldown Period?"},"content":{"rendered":"<p style=\"text-align: justify;\">In its (February 15) report, the Canadian Real Estate Association (CREA) announced that the average home sale price nationwide stood at $470,253 in January, representing a miniscule 0.2% year-over-year growth.<\/p>\n<p style=\"text-align: justify;\">In the same month, sales volume declined by 1.3%, the second lowest monthly level since fall 2015.<\/p>\n<p style=\"text-align: justify;\">CREA officials stated that the tighter stress test implemented last year might have played a significant role in these developments, as the regulatory revisions are applying considerable pressure to speculators.<\/p>\n<p style=\"text-align: justify;\">\u201cCanadian homebuyers face some challenges this year, including new mortgage rules that make it harder to qualify for a mortgage and regulatory changes that will push up mortgage financing costs,\u201d CREA president Cliff Iverson said, as quoted by CBC News.<\/p>\n<p style=\"text-align: justify;\">\u201cIt will take some time to gauge the extent to which these challenges will weigh on home buyers in different housing markets across Canada.\u201d<\/p>\n<p style=\"text-align: justify;\">In the wake of the data release, Dominion Lending Centres chief economist Sherry Cooper cautioned that 2017 will prove to be a challenging year for the Canadian residential real estate segment and for the economy as a whole.<\/p>\n<p style=\"text-align: justify;\">\u201cHousing activity will not provide the boost to overall economic growth in 2017 that it did in 2015 and the first half of 2016 as first-time homebuyers will find it more difficult to qualify for a mortgage and credit availability is diminished by the disproportionate impact of the new regulations on nonbank lenders,\u201d Cooper wrote.<\/p>\n<p style=\"text-align: justify;\">Fully half of the nation\u2019s housing markets\u2014including the Greater Toronto Area, Greater Vancouver, and Montreal\u2014have suffered declines in sales activity, Cooper added.<\/p>\n<p style=\"text-align: justify;\">TD Bank economist Diana Petramala agreed, adding that Vancouver is a critical component in the apparent slowdown considering the massive decline in sales numbers (almost 40% in 2016).<\/p>\n<p style=\"text-align: justify;\">\u201cThe biggest factor expected to cool housing demand in 2017 will be higher mortgage rates,\u201d Petramala stated in a note. \u201cCombined with deteriorating affordability as home prices rise at more than four times income growth, the higher borrowing costs will start to bite into demand.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/is-canadian-housing-price-growth-entering-a-cooldown-period-221264.aspx\" target=\"_blank\">Is Canadian Housing Price Growth Entering a Cooldown Period?<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In its (February 15) report, the Canadian Real Estate Association (CREA) announced that the average home sale price nationwide stood at $470,253 in January, representing a miniscule 0.2% year-over-year growth. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/02\/is-canadian-housing-price-growth-entering-a-cooldown-period\/\">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-4999","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Canadian Housing Price Growth Entering a Cooldown Period? 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