{"id":597,"date":"2016-01-13T09:33:21","date_gmt":"2016-01-13T17:33:21","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=597"},"modified":"2016-01-13T09:33:34","modified_gmt":"2016-01-13T17:33:34","slug":"is-there-one-more-year-left-in-this-canadian-housing-boom","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/is-there-one-more-year-left-in-this-canadian-housing-boom\/","title":{"rendered":"Is There One More Year Left in This Canadian Housing Boom?"},"content":{"rendered":"<p style=\"text-align: justify;\">Two new forecasts out Wednesday suggest the Canadian housing market may still have a little more room to grow but the pace of price increases will slow in 2016.<\/p>\n<p style=\"text-align: justify;\">Fitch Ratings suggests prices across the country will grow by 2.5% this year but the ratings agency also is concerned about downside risk in the housing market.<\/p>\n<p style=\"text-align: justify;\">\u201cNational prices (are) 20% overvalued compared to growth in long-term economic fundamentals leaving markets exposed to downside risk,\u201d the company says in its global housing and mortgage outlook. \u201cNo significant downward price movements are expected.\u201d<\/p>\n<p style=\"text-align: justify;\">The agency went on to cite affordability as a concern in the marketplace and noted household indebtedness is 165.5% of disposable income, among the highest of countries it rates.<\/p>\n<p style=\"text-align: justify;\">Also weighing in with a new forecast was Royal LePage, one of the country\u2019s leading real estate companies, with a prediction that prices will grow by 4.1% in 2016.<\/p>\n<p style=\"text-align: justify;\">LePage which surveys 53 markets across the country says the average price of a home reached $500,688 in the fourth quarter, up 6.5% year over year.<\/p>\n<p style=\"text-align: justify;\">\u201cThe frenetic pace of our country\u2019s largest housing markets should moderate through the year ahead,\u201d said Phil Soper, the president of LePage. \u201cWhile most of the country will continue to see house appreciation in 2016, we expect that the pace of increases in Greater Vancouver and the Greater Toronto Area \u2014 where real estate appreciation has significantly outpaced wage growth \u2014 will settle to a more sustainable, single-digit price increase trajectory.\u201d<\/p>\n<p style=\"text-align: justify;\">LePage said mortgage changes by the Liberals that kick in Feb. 15, requiring consumers to have a minimum 10% downpayment on the portion of a home over $500,000 will have a minimal effect on the market.<\/p>\n<p style=\"text-align: justify;\">Soper called it a \u201cslight tap on the brake\u201d for Canada\u2019s two most expensive cities.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/is-there-one-more-year-left-in-this-canadian-housing-boom\" target=\"_blank\">Is There One More Year Left in This Canadian Housing Boom?<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two new forecasts out Wednesday suggest the Canadian housing market may still have a little more room to grow but the pace of price increases will slow in 2016. Fitch &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/is-there-one-more-year-left-in-this-canadian-housing-boom\/\">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-597","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>Is There One More Year Left in This Canadian Housing Boom? &#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\/2016\/01\/is-there-one-more-year-left-in-this-canadian-housing-boom\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Is There One More Year Left in This Canadian Housing Boom? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Two new forecasts out Wednesday suggest the Canadian housing market may still have a little more room to grow but the pace of price increases will slow in 2016. 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