{"id":5669,"date":"2017-04-28T10:10:18","date_gmt":"2017-04-28T17:10:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5669"},"modified":"2017-04-28T12:29:04","modified_gmt":"2017-04-28T19:29:04","slug":"canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/","title":{"rendered":"Canada&#8217;s Housing Market Still Flashing &#8220;Red&#8221; Warning, But Some Signs of Improvement"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada Mortgage and Housing Corp. sees better housing market conditions than it did 90 days ago but the federal Crown corporation didn\u2019t see enough improvement in the second quarter to remove its red warning label on the country as a whole.<\/p>\n<p style=\"text-align: justify;\">The red tag is the strongest language used by CMHC for what it describes as problematic conditions in the housing market, something it slapped on the overall Canadian market two quarters ago.<\/p>\n<p style=\"text-align: justify;\">\u201cWith the continued detection of price acceleration in Vancouver, Victoria, Toronto and Hamilton, homebuyers in these centres should be prudent and ensure that their purchases are aligned with their needs as well as the long-term market outlook,\u201d said Bob Dugan, chief economist with CMHC, in a conference call with journalists.<\/p>\n<p style=\"text-align: justify;\">CMHC says its quarterly Housing Market Assessment report released Wednesday provides an \u201cearly warning system\u201d to alert Canadians about concerns the Crown corporation has about housing markets so people can take action. CMHC says the goal is to promote stability in the market.<\/p>\n<p style=\"text-align: justify;\">Conditions are broken down into four categories, overheating, price acceleration, overvaluation and overbuilding. Each category gets a weak, moderate or strong rating and 15 centres are studied with an overall rating and then further overall rating produced for the country.<\/p>\n<p style=\"text-align: justify;\">Five of the 15 received a red label for their overall category, down from six cities a quarter ago. Regina has been lowered to moderate evidence of overall problematic conditions but Saskatoon remains labelled red along with the two Ontario and two British Columbia markets mentioned by Dugan.<\/p>\n<p style=\"text-align: justify;\">The Ontario government announced moved last week to cool the housing markets in the Greater Golden Horseshoe which includes both Hamilton and Toronto. Among the changes brought in were a 15% tax on foreign buyers purchasing in the GGH, subject to certain exemptions.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s difficult to say because these measures are very new,\u201d said Dugan, about what impact Ontario\u2019s plan will have on the market. The province is also imposing stricter rent control rules and changes it hopes will boost supply like a tax on vacant land. \u201cI would say in Toronto, it is definitely a centre where we can identify strong evidence of problematic conditions. This is the eighth consecutive report which we have flagged overall market conditions in Toronto as being problematic.\u201d<\/p>\n<p style=\"text-align: justify;\">CMHC says there is strong evidence of problematic conditions in both Toronto and Hamilton, when it comes to overvaluation, but weak evidence of overbuilding. Builders and the province have sparred over the new regulations. Some in the real estate industry maintain provincial regulations have driven supply shortages to a point that March average resale prices in the Greater Toronto Area were up 33% year over year.<\/p>\n<p style=\"text-align: justify;\">\u201cRapid growth in house prices above rates warranted by economic and demographic fundamentals such as income and population growth has meant the continued detection of problematic conditions in the Toronto CMA housing market,\u201d said Dana Senagama, principal market analysts for the Toronto region.<\/p>\n<p style=\"text-align: justify;\">CMHC noted Toronto has seen four consecutive quarters of a sales-to-new listings ratio above 0.70 which is a problematic threshold that has led to \u201ccontinued detection of moderate evidence of overheating\u201d and is reflected in sustained evidence of price acceleration all housing types, with the average condominium apartment price growth quickly catching up to that of single-detached homes.<\/p>\n<p style=\"text-align: justify;\">\u201cThe seasonally adjusted real Multiple Listing Service average price grew by 18.8% in the fourth quarter while real personal disposable income per capita increased by 0.23% and the young adult population increased by 2.8%,\u201d the Crown corporation said in its report.<\/p>\n<p style=\"text-align: justify;\">In Vancouver, where a 15% tax on foreign buyers has been place since August and year over year average price increases have flattened out, there is still strong evidence of problematic conditions when it comes to overvaluation. Price acceleration is moderate in Vancouver and the evidence is weak the market is overheating, said CMHC.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, the market for resale homes cooled unevenly. Moderately priced properties sold quickly and often over the asking price compared with higher priced homes,\u201d<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement-say-cmhc\" target=\"_blank\" rel=\"noopener noreferrer\">CMHC : Canada&#8217;s Housing Market Still Flashing &#8220;Red&#8221; Warning, But Some Signs of Improvement<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada Mortgage and Housing Corp. sees better housing market conditions than it did 90 days ago but the federal Crown corporation didn\u2019t see enough improvement in the second quarter to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/\">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-5669","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>Canada&#039;s Housing Market Still Flashing &quot;Red&quot; Warning, But Some Signs of Improvement &#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\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada&#039;s Housing Market Still Flashing &quot;Red&quot; Warning, But Some Signs of Improvement &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada Mortgage and Housing Corp. sees better housing market conditions than it did 90 days ago but the federal Crown corporation didn\u2019t see enough improvement in the second quarter to &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Canada&#8217;s Housing Market Still Flashing &#8220;Red&#8221; Warning, But Some Signs of Improvement\",\"datePublished\":\"2017-04-28T17:10:18+00:00\",\"dateModified\":\"2017-04-28T19:29:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/\"},\"wordCount\":689,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/\",\"name\":\"Canada's Housing Market Still Flashing \\\"Red\\\" Warning, But Some Signs of Improvement &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2017-04-28T17:10:18+00:00\",\"dateModified\":\"2017-04-28T19:29:04+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Canada&#8217;s Housing Market Still Flashing &#8220;Red&#8221; Warning, But Some Signs of Improvement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Canada's Housing Market Still Flashing \"Red\" Warning, But Some Signs of Improvement &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/","twitter_card":"summary_large_image","twitter_title":"Canada's Housing Market Still Flashing \"Red\" Warning, But Some Signs of Improvement &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Canada Mortgage and Housing Corp. sees better housing market conditions than it did 90 days ago but the federal Crown corporation didn\u2019t see enough improvement in the second quarter to &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Canada&#8217;s Housing Market Still Flashing &#8220;Red&#8221; Warning, But Some Signs of Improvement","datePublished":"2017-04-28T17:10:18+00:00","dateModified":"2017-04-28T19:29:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/"},"wordCount":689,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/","url":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/","name":"Canada's Housing Market Still Flashing \"Red\" Warning, But Some Signs of Improvement &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2017-04-28T17:10:18+00:00","dateModified":"2017-04-28T19:29:04+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/canadas-housing-market-still-flashing-red-warning-but-some-signs-of-improvement\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Canada&#8217;s Housing Market Still Flashing &#8220;Red&#8221; Warning, But Some Signs of Improvement"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/5669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=5669"}],"version-history":[{"count":3,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/5669\/revisions"}],"predecessor-version":[{"id":5690,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/5669\/revisions\/5690"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=5669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=5669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=5669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}