{"id":5603,"date":"2017-04-22T11:11:30","date_gmt":"2017-04-22T18:11:30","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5603"},"modified":"2017-04-18T17:44:47","modified_gmt":"2017-04-19T00:44:47","slug":"highlights-from-the-latest-housing-report","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/highlights-from-the-latest-housing-report\/","title":{"rendered":"Highlights from the Latest Housing Report"},"content":{"rendered":"<p style=\"text-align: justify;\">Ontario real estate markets lead the way during substantial quarterly growth, Vancouver prepares for resurgence, and other trends identified in Royal LePage\u2019s Q1 housing report.<\/p>\n<p style=\"text-align: justify;\"><strong>Canada sees &#8220;significant price growth&#8221;<\/strong><\/p>\n<p style=\"text-align: justify;\">The country as a whole saw its average home prices spike in the first quarter of 2017, with the average price jumping 12.6% year-over-year to $574,575, according to Royal LePage\u2019s proprietary data which comprises stats from 53 of the country\u2019s major housing markets.<\/p>\n<p style=\"text-align: justify;\">That was led by impressive growth in Ontario; specifically the GTA and outlying markets, with potential buyers forced outside the major city centre to far-flung areas such as the Golden Horseshoe, London, and even Windsor.<\/p>\n<p style=\"text-align: justify;\"><strong>Toronto and Vancouver hit fork in the road<\/strong><\/p>\n<p style=\"text-align: justify;\">After years of heading in the same direction, Toronto and Vancouver\u2019s housing paths have diverged.<\/p>\n<p style=\"text-align: justify;\">\u201cFor the first time in several years, real estate markets in Vancouver and Toronto are headed in opposite directions,\u201d said Phil Soper, President and CEO, Royal LePage. \u201cThe Vancouver market stalled, as confused consumers took to the sidelines after a series of uncoordinated moves by all three levels of government. With the housing shortage becoming more acute, Toronto easily stepped forward to assume the title of Canada\u2019s most overheated real estate market.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver set for rebound<\/strong><\/p>\n<p style=\"text-align: justify;\">Royal LePage is forecasting a \u201cprice reset\u201d in BC\u2019s Lower Mainland, following months of price drops due to eroding affordability and housing policy discouraging buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver house prices are up compared to the first quarter of 2016, yet this doesn\u2019t tell the complete story,\u201d Soper said. \u201cFor weeks now, we have witnessed a steady fall in real estate values in the Lower Mainland, with sales activity down some 40% compared to recent norms.<\/p>\n<p style=\"text-align: justify;\">\u201cThere is now reason to believe that the market correction underway in Vancouver may be short-lived. The principal victims of the B.C. government\u2019s foreign buyer tax were Canadians who had planned to sell or buy a home and were frightened away by unsubstantiated rhetoric in which the Chinese were entirely to blame for Vancouver\u2019s housing shortage,\u201d Soper continued. \u201cThe reality is that as much as 90% of the housing activity that disappeared overnight in the Lower Mainland after the tax was introduced was from Canadian residents, not foreign investors. Homebuyers are waking up to this reality and may be ready to rush back into the market.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Government overreach to blame<\/strong><\/p>\n<p style=\"text-align: justify;\">Although last year\u2019s foreign buyer tax did achieve the government\u2019s goal of cooling Vancouver\u2019s housing market, buyers will likely jump back into the market and create a pendulum effect, according to Royal LePage.<\/p>\n<p style=\"text-align: justify;\">\u201cAn unfortunate side effect of heavy-handed regulatory intervention is that we risk market whiplash,\u201d Soper said. \u201cIn the coming weeks, it is possible that six months of pent-up demand will be unleashed on the market, sending prices sharply upward again; this when the pre-intervention 2016 trend was a natural market slowdown based on eroding affordability.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Sounding the warning on Toronto housing policy<\/strong><\/p>\n<p style=\"text-align: justify;\">\u201cThe hasty introduction of new real estate-related regulations or taxes in Ontario, in the absence of data and analysis to support these policy moves, could lead to a sharp price correction, impacting not only household wealth, but damaging the broader Canadian economy as well,\u201d said Soper. \u201cWe applaud the Canadian government\u2019s federal budget commitment to partner with the provinces and municipalities to create a coordinated national housing strategy.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/5-highlights-from-the-latest-housing-report-224274.aspx\" target=\"_blank\">Highlights from the Latest Housing Report<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ontario real estate markets lead the way during substantial quarterly growth, Vancouver prepares for resurgence, and other trends identified in Royal LePage\u2019s Q1 housing report. Canada sees &#8220;significant price growth&#8221; &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/highlights-from-the-latest-housing-report\/\">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-5603","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>Highlights from the Latest Housing Report &#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\/04\/highlights-from-the-latest-housing-report\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Highlights from the Latest Housing Report &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Ontario real estate markets lead the way during substantial quarterly growth, Vancouver prepares for resurgence, and other trends identified in Royal LePage\u2019s Q1 housing report. 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