{"id":8181,"date":"2018-02-03T11:11:08","date_gmt":"2018-02-03T19:11:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8181"},"modified":"2018-02-03T10:10:31","modified_gmt":"2018-02-03T18:10:31","slug":"trouble-ahead-for-canadian-real-estate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/trouble-ahead-for-canadian-real-estate\/","title":{"rendered":"Trouble Ahead for Canadian Real Estate?"},"content":{"rendered":"<p style=\"text-align: justify;\">For months now, economists have been saying that the Canadian real estate market is heading towards a \u201csoft landing,\u201d as higher interest rates and new mortgage rules coax prices down from record highs. But could they have been overly optimistic?<\/p>\n<p style=\"text-align: justify;\">This, and plenty of other questions remain about where the market is headed in the next few months. In order to make help sense of things, BuzzBuzzNews has rounded up the latest takes of the industry\u2019s most prominent experts.<\/p>\n<p style=\"text-align: justify;\"><strong>Things are still looking a little vulnerable<\/strong><\/p>\n<p style=\"text-align: justify;\">While new mortgage rules are intended to keep the market steady (and avoid a dreaded crash), the Canada Mortgage and Housing Corporation believes that there is still some cause for concern.<\/p>\n<p style=\"text-align: justify;\">\u201cOur market assessment continues to show a high degree of vulnerability for the housing market at the overall national level, because of the combination of price acceleration and overvaluation,\u201d write CMHC chief economist Bob Dugan, in a recent statement.<\/p>\n<p style=\"text-align: justify;\">Dugan argues that both the Ontario and BC markets remain highly overvalued, leaving the national housing market at risk of a crash.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile house price growth has slowed, house price levels remain high relative to underlying economic fundamentals such as income and population growth [in Toronto,]\u201d writes CMHC Toronto principal market analyst Dana Senagama, in a statement.<\/p>\n<p style=\"text-align: justify;\"><strong>But the market isn\u2019t \u201cknocked out\u201d just yet<\/strong><\/p>\n<p style=\"text-align: justify;\">Still, many economists feel that the market will adjust to the effects of new regulation, and continue to push ahead without much trouble.<\/p>\n<p style=\"text-align: justify;\">\u201c[Recent policy changes] merely supply body blows to the housing market, and will not knock-down the market,\u201d write TD economists Michael Dolega and Rishi Sondhi, in a recent note. \u201cIndeed, after some weaknesses this year and into early-2019, nationwide activity looks to stabilize.\u201d<\/p>\n<p style=\"text-align: justify;\">The pair predict that 2018 will be bring falling sales and flat prices, as the market continues to stabilize.<\/p>\n<p style=\"text-align: justify;\">\u201cWe remain of the view that weakness will manifest as a continuation of the soft landing that has been taking place in Canada\u2019s housing market recently,\u201d they write.<\/p>\n<p style=\"text-align: justify;\"><strong>Things might be looking up (at least for Quebec)<\/strong><\/p>\n<p style=\"text-align: justify;\">The outlier for 2018 may end up being Quebec. According to a recent report from Desjardins, the province has the economic fundamentals for a record year in real estate.<\/p>\n<p style=\"text-align: justify;\">\u201cThe extremely favourable economic backdrop for Quebec consumers is fueling this surge in Quebec\u2019s residential sector,\u201d reads the report. The province created nearly 70,000 jobs in 2017, a number economists predict will rise in 2018.<\/p>\n<p style=\"text-align: justify;\">Adding to the rosy outlook? Housing starts jumped significantly in 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cHousing starts soared by almost 20% last year, the sharpest increase since early 2010,\u201d reads the report.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/trouble-ahead-canadian-real-estate-experts-saying-week.html\" target=\"_blank\" rel=\"noopener\">Trouble Ahead for Canadian Real Estate? What Experts are Saying this Week<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For months now, economists have been saying that the Canadian real estate market is heading towards a \u201csoft landing,\u201d as higher interest rates and new mortgage rules coax prices down &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/trouble-ahead-for-canadian-real-estate\/\">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-8181","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>Trouble Ahead for Canadian Real Estate? &#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\/2018\/02\/trouble-ahead-for-canadian-real-estate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Trouble Ahead for Canadian Real Estate? 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