{"id":5216,"date":"2017-03-17T10:10:44","date_gmt":"2017-03-17T17:10:44","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5216"},"modified":"2017-03-15T07:23:05","modified_gmt":"2017-03-15T14:23:05","slug":"falling-toronto-vancouver-home-listings-signal-trouble","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/03\/falling-toronto-vancouver-home-listings-signal-trouble\/","title":{"rendered":"Falling Toronto &#038; Vancouver Home Listings Signal Trouble"},"content":{"rendered":"<p style=\"text-align: justify;\">Like househunters, real estate market observers in Canada are paying close attention to home listings in some of the country\u2019s biggest markets.<\/p>\n<p style=\"text-align: justify;\">The severe shortage of homes available on resale markets in Toronto and Vancouver is more than just a point of frustration for prospective buyers \u2014 it could spell trouble for the Canadian housing market as a whole, suggests one economist.<\/p>\n<p style=\"text-align: justify;\">David Madani, Capital Economics\u2019 senior economist for Canada, says new listings in Toronto are now at recession-time lows and notes they are slumping in Vancouver as well.<\/p>\n<p style=\"text-align: justify;\">\u201cThe upshot is that the largest housing markets that have been responsible for the biggest house price gains over the past two years are now approaching a potentially dangerous tipping point,\u201d writes Madani in a data response to the Teranet-National Bank House Price Index, also released today.<\/p>\n<p style=\"text-align: justify;\">According to the Toronto Real Estate Board, there were 5,400 active listings on the market across the Greater Toronto Area at the end of February, roughly half of what buyers would\u2019ve had access to a year prior.<\/p>\n<p style=\"text-align: justify;\">Meantime, according to National Bank\u2019s index, Toronto home prices, excluding condos, were up 23% in February compared to the same time last year, pushing the national index up 13.4%, the biggest annual increase since November 2006.<\/p>\n<p style=\"text-align: justify;\">Hamilton and Victoria trailed Toronto with price appreciation of 19.7% and 15.9%, respectively. Vancouver home prices were still up 14.3% from a year ago.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Toronto market is especially worrisome,\u201d writes National Bank Senior Economist Marc Pinsonneault. \u201cFor various reasons, supply (number of listings) on the home resale market is at an historical low,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">This, says Capital Economics\u2019 Madani, \u201cis further evidence that prospective move-up buyers, the real driving force in Toronto, are losing confidence.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/03\/falling-toronto-vancouver-home-listings-signal-trouble.html\" target=\"_blank\">Falling Toronto &amp; Vancouver Home Listings Signal Trouble<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Like househunters, real estate market observers in Canada are paying close attention to home listings in some of the country\u2019s biggest markets. The severe shortage of homes available on resale &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/falling-toronto-vancouver-home-listings-signal-trouble\/\">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-5216","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>Falling Toronto &amp; Vancouver Home Listings Signal Trouble &#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\/03\/falling-toronto-vancouver-home-listings-signal-trouble\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Falling Toronto &amp; Vancouver Home Listings Signal Trouble &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Like househunters, real estate market observers in Canada are paying close attention to home listings in some of the country\u2019s biggest markets. 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