{"id":8248,"date":"2018-02-14T09:33:27","date_gmt":"2018-02-14T17:33:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8248"},"modified":"2018-02-14T09:32:06","modified_gmt":"2018-02-14T17:32:06","slug":"real-estate-market-continues-to-adjust-to-the-new-mortgage-rules","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/real-estate-market-continues-to-adjust-to-the-new-mortgage-rules\/","title":{"rendered":"Real Estate Market Continues to Adjust to the New Mortgage Rules"},"content":{"rendered":"

The new year brought with it a cooler housing market, as sales dropped in the first month of 2018. But things aren\u2019t as bad as they might first appear, according to one economist.<\/p>\n

\u201cThe fear heading into January was that the housing market would slow sharply with the introduction of stricter mortgage rules,\u201d writes BMO economist Benjamin Reitzes. \u201cWhile activity did indeed slow, the market didn\u2019t appear to be too badly hit.\u201d<\/p>\n

Existing national home sales fell 0.5% year-over-year in January, a drop from December\u2019s 4.1% year-over-year increase. Reitzes says the difference can be attributed to buyers who tried to get into the market before the new mortgage rules came into effect on January 1.<\/p>\n

\u201cThe chunky decline isn\u2019t a surprise, as buyers moved forward purchases into 2017 to get in ahead of the new rules,\u201d he writes.<\/p>\n

While the GTA saw a 22% year-over-year sales drop, Reitzes is quick to point out that the most local markets remained relatively stable last month.<\/p>\n

\u201cToronto home sales plunged 22% year-over-year, as Canada\u2019s largest market continues to adjust to Ontario\u2019s Fair Housing Plan, rising interest rates and the new mortgage rule changes,\u201d he writes. \u201cBut\u2026sales in much of the rest of the country are still above year-ago levels. Sales were up double-digits in the Fraser Valley, Vancouver, Edmonton and Montreal, among others.\u201d<\/p>\n

He does predict that prices will likely drop in the coming months, as Toronto\u2019s previously red hot market continues to adjust to the new mortgage rules.<\/p>\n

\u201cThe weakness in Toronto (especially in the high end of the market) likely knocked average price gains down to 4.5% year-over-year,\u201d writes Reitzes. \u201cThe quality adjusted MLS [house price index] is expected to [fall] to 8% year-over-year, which would be the slowest increase in two years.\u201d<\/p>\n

BMO : Yes the Canadian Housing Market is Cooling, but It Hasn’t Been “Too Badly Hit”<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

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