{"id":8161,"date":"2018-02-08T11:11:50","date_gmt":"2018-02-08T19:11:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8161"},"modified":"2018-02-01T11:40:35","modified_gmt":"2018-02-01T19:40:35","slug":"looking-to-buy-a-home-in-2018-the-year-that-patience-will-be-rewarded","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/looking-to-buy-a-home-in-2018-the-year-that-patience-will-be-rewarded\/","title":{"rendered":"Looking to Buy A Home in 2018? &#8211; The Year That &#8220;Patience Will Be Rewarded&#8221;"},"content":{"rendered":"<p style=\"text-align: justify;\">The first quarter of 2017 was a dark time for would-be GTA homebuyers. Prices were reaching unheard of heights, causing many to question if they could afford to own in the area at all.<\/p>\n<p style=\"text-align: justify;\">But 2018 might finally be the right time to buy, according to Hilliard Macbeth.<\/p>\n<p style=\"text-align: justify;\">\u201cFor those few people who have waited for house bargains, 2018 could be the year,\u201d he writes in a recent note. \u201cPatience will finally be rewarded.\u201d<\/p>\n<p style=\"text-align: justify;\">That\u2019s if all of his predictions for the year come true, that is. Like many industry watchers, MacBeth thinks interest rates and mortgage rates will be on the rise over the course of the year.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Bank of Canada increased interest rates twice in 2017 and markets are expecting\u2026more in 2018,\u201d he writes. (Indeed, the Bank hiked the overnight rate to 1.25% this month.) \u201cObviously higher rates would be a serious headwind for housing,\u201d notes MacBeth.<\/p>\n<p style=\"text-align: justify;\">He\u2019s also predicting a decrease in consumer spending, after a solid 2017. Core retail sales rose from $25 billion in 2009 to $34 billion in 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cHigher house prices allowed people to refinance mortgages, increase their lines of credit for renovations and buy second (and even third) homes,\u2019 he writes.<\/p>\n<p style=\"text-align: justify;\">MacBeth writes that if Canadians decide to start paying that debt in 2018, retail sales will be hit hard and house prices will correct further.<\/p>\n<p style=\"text-align: justify;\">And the final factor in a cooler housing market in 2018? A plunging Canadian dollar, bringing with it falling housing prices.<\/p>\n<p style=\"text-align: justify;\">\u201cIf the Bank of Canada tries to keep interest rates low enough to mitigate the worst aspects of a weak housing market the dollar could test the 65 cent level,\u201d writes MacBeth. \u201cA very weak dollar would push inflation higher which leads the Bank of Canada to raise interest rates. Higher interest rates mean that even fewer people will qualify for mortgage loans, weakening the housing market even further and creating a negative feedback loop.\u201d<\/p>\n<p style=\"text-align: justify;\">The darkest of MacBeth predictions? That the real deals will come after foreclosures begin to become more common.<\/p>\n<p style=\"text-align: justify;\">\u201cThe best deals won\u2019t appear until many people are forced to sell their properties,\u201d he writes. \u201cLenders usually get the power to sell through foreclosure, so watch what the banks and other lenders do.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/looking-buy-home-2018-expert-says-year-patience-will-rewarded.html\" target=\"_blank\" rel=\"noopener\">Looking to Buy A Home in 2018? This Expert Says It&#8217;s the Year That &#8220;Patience Will Be Rewarded&#8221;<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first quarter of 2017 was a dark time for would-be GTA homebuyers. Prices were reaching unheard of heights, causing many to question if they could afford to own in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/looking-to-buy-a-home-in-2018-the-year-that-patience-will-be-rewarded\/\">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":[13],"tags":[],"class_list":["post-8161","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Looking to Buy A Home in 2018? - The Year That &quot;Patience Will Be Rewarded&quot; &#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=\"http:\/\/www.roryc.ca\/blog\/2018\/02\/looking-to-buy-a-home-in-2018-the-year-that-patience-will-be-rewarded\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Looking to Buy A Home in 2018? - The Year That &quot;Patience Will Be Rewarded&quot; &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The first quarter of 2017 was a dark time for would-be GTA homebuyers. Prices were reaching unheard of heights, causing many to question if they could afford to own in &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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/looking-to-buy-a-home-in-2018-the-year-that-patience-will-be-rewarded\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/looking-to-buy-a-home-in-2018-the-year-that-patience-will-be-rewarded\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Looking to Buy A Home in 2018? 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