{"id":8311,"date":"2018-02-22T10:10:02","date_gmt":"2018-02-22T18:10:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8311"},"modified":"2018-02-17T14:24:41","modified_gmt":"2018-02-17T22:24:41","slug":"is-the-canadian-housing-market-on-the-right-path-in-2018","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/is-the-canadian-housing-market-on-the-right-path-in-2018\/","title":{"rendered":"Is the Canadian Housing Market on the Right Path in 2018?"},"content":{"rendered":"<p style=\"text-align: justify;\">This week, the Canadian Real Estate Association released the January sales numbers the whole industry had been waiting for \u2014 and things didn\u2019t look so great.<\/p>\n<p style=\"text-align: justify;\">National home sales fell 14.5% from December, making it the worst January for home sales in three years.<\/p>\n<p style=\"text-align: justify;\">While the stat may seem like bad news for the Canadian housing market, economists have different takes on where the market could be headed in the coming months, and why.<\/p>\n<p style=\"text-align: justify;\">For a big-picture look at what 2018 has in store for Canada\u2019s real estate market, BuzzBuzzNews has rounded up the best of this week\u2019s commentary on what comes next.<\/p>\n<p style=\"text-align: justify;\">Forget sales numbers \u2014 listings are the real story<\/p>\n<p style=\"text-align: justify;\">At least according to the RBC economics team. \u201cIt would be natural to focus on the sharp 14.5% monthly drop in home resales in January &#8230;.. But perhaps even more noteworthy was the fact that new listings plummeted by 21.6% in January to an eight-year low,\u201d writes the team, in a recent note.<\/p>\n<p style=\"text-align: justify;\">According to the team, the listings drop suggests that a lack of supply could have had a big part to play in the sales slowdown last month.<\/p>\n<p style=\"text-align: justify;\">\u201cFewer homes being put out for sale limit the kind of activity that can take place,\u201d they write.<\/p>\n<p style=\"text-align: justify;\"><strong>Different markets have different stories to tell<\/strong><\/p>\n<p style=\"text-align: justify;\">\u201cDemand and price trends continue to show considerable divergence across local markets and housing segments,\u201d writes Scotiabank economist Adrienne Warren, in a recent note.<\/p>\n<p style=\"text-align: justify;\">While prices have jumped in markets like Vancouver and Fraser Valley, they were considerably cooler in ones like Toronto.<\/p>\n<p style=\"text-align: justify;\">\u201cPrices are accelerating in Ottawa and Montreal amid historically strong demand, though with somewhat less severe supply pressures,\u201d she writes. \u201cConditions are relatively balanced in Toronto, with cooler sales and stable prices, while Calgary shows signs of sales and price stability.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Too soon to place any big bets<\/strong><\/p>\n<p style=\"text-align: justify;\">Of course, data gathered in the first month of the year is not always the best indicator of where activity is headed in coming months \u2014 at least, not according to BMO senior economist Robert Kavcic.<\/p>\n<p style=\"text-align: justify;\">\u201cOne has to be cautious reading too much into the January results, as the big sales decline largely reverses the run of activity pulled forward into late-2017, ahead of the new [mortgage] rules,\u201d writes Kavcic, in a recent note.<\/p>\n<p style=\"text-align: justify;\">Kavcic points out that the national housing market remains fairly balanced, with local markets responding to policy changes in a moderate fashion. As for the GTA, well, he says it\u2019s still coming to terms with the Fair Housing Plan implemented last spring.<\/p>\n<p style=\"text-align: justify;\">\u201cIn the GTA, the detached market is still absorbing additional measures taken at the provincial level, while condo markets in &#8230;.. Toronto are still heated,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/canadian-housing-market-right-path-2018-bumpy-road-experts-weigh.html\" target=\"_blank\" rel=\"noopener\">Is the Canadian Housing Market on the Right Path in 2018? Or Is It in for A Bumpy Road? Experts weigh in<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week, the Canadian Real Estate Association released the January sales numbers the whole industry had been waiting for \u2014 and things didn\u2019t look so great. National home sales fell &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/is-the-canadian-housing-market-on-the-right-path-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-8311","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>Is the Canadian Housing Market on the Right Path in 2018? &#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\/is-the-canadian-housing-market-on-the-right-path-in-2018\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Is the Canadian Housing Market on the Right Path in 2018? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"This week, the Canadian Real Estate Association released the January sales numbers the whole industry had been waiting for \u2014 and things didn\u2019t look so great. National home sales fell &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\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/is-the-canadian-housing-market-on-the-right-path-in-2018\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/is-the-canadian-housing-market-on-the-right-path-in-2018\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Is the Canadian Housing Market on the Right Path in 2018?\",\"datePublished\":\"2018-02-22T18:10:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/is-the-canadian-housing-market-on-the-right-path-in-2018\\\/\"},\"wordCount\":484,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/is-the-canadian-housing-market-on-the-right-path-in-2018\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/is-the-canadian-housing-market-on-the-right-path-in-2018\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/is-the-canadian-housing-market-on-the-right-path-in-2018\\\/\",\"name\":\"Is the Canadian Housing Market on the Right Path in 2018? 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