{"id":8236,"date":"2018-02-15T10:10:52","date_gmt":"2018-02-15T18:10:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8236"},"modified":"2018-02-10T08:22:41","modified_gmt":"2018-02-10T16:22:41","slug":"will-housing-prices-continue-to-rise-in-2018","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/will-housing-prices-continue-to-rise-in-2018\/","title":{"rendered":"Will Housing Prices Continue to Rise in 2018?"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home prices have been climbing for years, but with the introduction of new mortgage rules and January\u2019s Bank of Canada rate hike, will prices continue to rise in 2018? According to some industry experts, the answer is they likely will.<\/p>\n<p style=\"text-align: justify;\">In Canada\u2019s hottest housing markets \u2014 Toronto and Vancouver \u2014 many industry watchers are predicting that price growth will continue this year as strong demand, particularly in the condo segments, is met by limited supply. To nail down where prices are headed in 2018, BuzzBuzzNews has compiled industry commentary published in the last week.<\/p>\n<p style=\"text-align: justify;\"><strong>Low supply causing prices to spike<\/strong><\/p>\n<p style=\"text-align: justify;\">Although the Greater Toronto Area (GTA) saw a 17% year-over-year increase in new listings last month, total new listings were the second lowest for the month of January in the past 10 years. Meantime, new listings in Metro Vancouver dropped 8.3% in January compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">With both markets continuing to face low supply, prices could be pushed upwards this year.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen you have weak supply responses, as you do in these markets, prices have nowhere to go but up. Alleviating these pressures lies in finding ways to increase supply and that is a shared job for jurisdictions at all levels,\u201d writes Canada Mortgage Housing Corporation (CMHC) deputy chief economist Aled ab lorweth, in a statement.<\/p>\n<p style=\"text-align: justify;\"><strong>Condo segment leading price growth<\/strong><\/p>\n<p style=\"text-align: justify;\">It was a weak start to the year for the GTA\u2019s market, with a 22% year-over-year decline in sales in January. But activity and prices are expected to pick up in the months to come, after the impact of the new mortgage rules and interest hike starts to wane.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is likely that market conditions [in Toronto] will support a return to positive price growth for many home types in the second half of 2018. The condominium apartment segment will be the driver of this price growth,\u201d said Jason Mercer, the Toronto Real Estate Board\u2019s (TREB) director of market analysis.<\/p>\n<p style=\"text-align: justify;\">Demand remains elevated in Metro Vancouver\u2019s condo segment, which contributed to the benchmark price of all properties in the region increasing 16.6% year-over-year in January.<\/p>\n<p style=\"text-align: justify;\">\u201cThe odds are that the benchmark will accelerate further in the period ahead,\u201d said RBC Senior Economist Robert Hogue, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cThe sharper drop in new listings in January strengthened the hand of the sellers that remain in the market. This is especially the case in the condo segment where prices have outpaced those in all other categories in the past year,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\"><strong>Strong economy could mean a boost in prices<\/strong><\/p>\n<p style=\"text-align: justify;\">This year, the Ontario and BC economies are expected to remain strong, which, in turn, could support stable price growth in their respective housing markets.<\/p>\n<p style=\"text-align: justify;\">\u201cStrong local economic conditions, including home growth above the rate of inflation, coupled with an increased immigration target will result in sustained household growth in the GTA, both in 2018 and over the long term,\u201d writes TREB in a recent report. \u201cToronto market conditions will remain balanced enough to see support for home prices.\u201d<\/p>\n<p style=\"text-align: justify;\">The Metro Vancouver economy is in full swing, which Real Estate Board of Greater Vancouver President (REBGV) Jill Oudil says could result in steady price growth in 2018.<\/p>\n<p style=\"text-align: justify;\">\u201c[Home values] do tend to reflect how the economy is doing. Overall, we have a great economy and it\u2019s certainly been strong, right now it\u2019s incredibly strong,\u201d Oudil, tells BuzzBuzzNews.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/canadas-mortgage-rules-buying-experts-prices.html\" target=\"_blank\" rel=\"noopener\">As Canada\u2019s New Mortgage Rules Impact Home Buying, Here\u2019s Where Industry Experts think Prices are Headed<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home prices have been climbing for years, but with the introduction of new mortgage rules and January\u2019s Bank of Canada rate hike, will prices continue to rise in 2018? &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/will-housing-prices-continue-to-rise-in-2018\/\">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-8236","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>Will Housing Prices Continue to Rise in 2018? 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