{"id":7228,"date":"2017-10-23T11:11:07","date_gmt":"2017-10-23T18:11:07","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7228"},"modified":"2017-10-18T11:17:06","modified_gmt":"2017-10-18T18:17:06","slug":"listings-will-remain-solid-heading-into-the-fall","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/listings-will-remain-solid-heading-into-the-fall\/","title":{"rendered":"Listings Will Remain Solid Heading into The Fall"},"content":{"rendered":"

Toronto saw a surge of newly listed homes in September, raising the national average after a slow summer.<\/p>\n

\u201cThere was a big round of listings in April, when [Ontario\u2019s Fair Housing Plan] was announced, but there was not a lot of activity through the summer, because many people were holding back to see when prices would stabilize,\u201d BMO Senior Economist Robert Kavcic tells BuzzBuzzNews. \u201cNow we\u2019re seeing listings bounce back.\u201d<\/p>\n

According to the Canadian Real Estate Association\u2019s (CREA) latest data release, the number of newly listed homes nationwide grew by 5%, led by a Toronto increase of 19%.<\/p>\n

\u201cI think there\u2019s evidence that listings will remain pretty solid heading into the fall,\u201d says Kavcic.<\/p>\n

The increase in listings comes hand-in-hand with a nationwide increase in home sales. Year-over-year, national sales rose 2.1% nationally in September, the second month of increases after a summer of declines.<\/p>\n

The national average price of a home was up 2.8% year-over-year, while the MLS Home Price Index (HPI) slowed for a fifth straight month, at 10.7% year-over-year.<\/p>\n

Vancouver home prices soared 17.2% in September, while sales rose 6.1% over the previous month and 25% year-over-year.<\/p>\n

\u201cThe GVA\u2026is once again showing signs of heating conditions, with sales up strongly and prices nearing record levels,\u201d writes TD Senior Economist Michael Dolega, in a statement. \u201cStill, we expect rising mortgage rates will take some steam out of the market given the affordability pressures, with slower price growth on the horizon.\u201d<\/p>\n

That horizon includes the Office of the Superintendent of Financial Institutions\u2019 (OSFI) plans to introduce a stress test for all uninsured mortgages by the end of the year.<\/p>\n

The anticipated move by the government financial regulator \u2014 which could require home buyers applying for an uninsured mortgage to qualify against a rate that is at least 2% higher than what they are signing up for \u2014 could slash Canadian home prices.<\/p>\n

Gregory Klump, CREA\u2019s Chief Economist, says that the move could jeopardize Canada\u2019s economic growth.<\/p>\n

\u201cFurther tightening of federal regulations aimed at cooling housing markets in Toronto and Vancouver risks creating collateral damage in markets elsewhere in Canada,\u201d writes Klump, in a statement. \u201cIt also jeopardizes Canadian economic growth, which is already showing signs of fading.\u201d<\/p>\n

The impact of future changes to mortgage rules aside, September saw the national housing market balance out, with the country-wide sales-to-new-listings ratio now sitting at 55.7%, compared to 57.2% in August.<\/p>\n

According to CREA, a ratio of between 40 and 60% is considered generally consistent with a balanced national housing market.<\/p>\n

Whether the market continues to balance out will depend in part on when the Bank of Canada decides to raise its overnight rate next.<\/p>\n

While opinions vary on when the next hike will come \u2014 TD Economics is predicting one in December \u2014 Kavcic says he believes the Bank will wait until the new year, allowing time for the market to balance further.<\/p>\n

\u201cHow balanced the market becomes depends on what the [Bank of Canada] does,\u201d says Kavcic. \u201cOur thinking is they\u2019ll take the rest of the year off when it comes to rate hikes. If they wait to increase rates, the way the economy is rolling, I think that\u2019s the environment where the market balances out.\u201d<\/p>\n

Number of Canadian Newly Listed Homes Surge in September After 3 Months of Declines<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

Toronto saw a surge of newly listed homes in September, raising the national average after a slow summer. \u201cThere was a big round of listings in April, when [Ontario\u2019s Fair … [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-7228","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nListings Will Remain Solid Heading into The Fall • 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\/10\/listings-will-remain-solid-heading-into-the-fall\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Listings Will Remain 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