{"id":8371,"date":"2018-02-26T10:10:55","date_gmt":"2018-02-26T18:10:55","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8371"},"modified":"2018-02-24T08:28:43","modified_gmt":"2018-02-24T16:28:43","slug":"slowing-sales-mean-canadian-housing-market-expect-coming-months","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/","title":{"rendered":"What to Expect Slowing Sales of Canadian Housing Market in Coming Months?"},"content":{"rendered":"<p style=\"text-align: justify;\">January was a cool month for the Canadian housing market, as national home sales dropped 14.5% month-over-month.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect some near-term volatility to persist in the market, as the fallout from the new mortgage rules and rising interest rates is absorbed by buyers and sellers,\u201d wrote TD senior economist Michael Dolega, in a recent note.<\/p>\n<p style=\"text-align: justify;\">According to Dolega, the numbers confirm many economists\u2019 predictions that the new mortgage rules would cause a pull-forward of sales activity in December, followed by a steep sales drop in January.<\/p>\n<p style=\"text-align: justify;\">But what else does the drop in sales mean for Canadian buyers and sellers this month? Read on for BuzzBuzzNews\u2019 roundup of this week\u2019s need-to-read commentary.<\/p>\n<p style=\"text-align: justify;\"><strong>The new construction market takes a serious hit<\/strong><\/p>\n<p style=\"text-align: justify;\">Ontario saw a 22% sales drop in January. The GTA new construction market was hit particularly hard, as sales of single-family homes reached their lowest level since 2000.<\/p>\n<p style=\"text-align: justify;\">\u201cThe January data continues a trend we have seen in the GTA,\u201d wrote BILD president and CEO David Wilkes, in a statement. \u201cOur industry wants to meet consumer demand in terms of the mix and type of homes available, but we are constrained by government policy. Affordability and the lack of supply of single-family housing remain a challenge.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>But things are looking a bit more affordable, too<\/strong><\/p>\n<p style=\"text-align: justify;\">As the market begins to cool, buyers can look forward to some of the best affordability in years.<\/p>\n<p style=\"text-align: justify;\">\u201cCanadian housing affordability improved slightly in [Q4 of 2017], the first quarterly improvement since Q2 of 2015,\u201d write National Bank economists Matthieu Arseneau and Kyle Dahms, in the bank\u2019s most recent housing affordability monitor.<\/p>\n<p style=\"text-align: justify;\">The bank measures housing affordability by tracking the mortgage payment on a representative home as a percentage of income, or MPPI. In Q4 of 2017 the national MPPI fell 0.2 points, after rising 3.9 points in Q3.<\/p>\n<p style=\"text-align: justify;\">Those living in the red-hot Toronto market could experience the greatest price relief moving into the rest of 2018.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Toronto, the [interest] rate rise combined with the tax on foreign purchases seems to have suppressed demand; prices were down in Q4 and are likely to continue falling in 2018,\u201d write the pair.<\/p>\n<p style=\"text-align: justify;\"><strong>Which means a rate hike won\u2019t be coming anytime soon<\/strong><\/p>\n<p style=\"text-align: justify;\">The Bank of Canada began the year by hiking the overnight rate 25 basis points to 1.25%. According to one economist, January\u2019s low sales numbers could mean that the next hike is a long way off.<\/p>\n<p style=\"text-align: justify;\">\u201cThe impacts of both the new mortgage stress test and higher mortgage rates have largely been included in the Bank of Canada\u2019s economic forecasts,\u201d wrote TD senior economist Fotios Raptis, in a recent note. \u201cWith households more sensitive than ever to rising interest rates, the Bank will likely wait to see inflationary pressures build further before concluding that it\u2019s safe to raise rates again likely this July.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/slowing-sales-mean-canadian-housing-market-experts-weigh-expect-coming-months.html\" target=\"_blank\" rel=\"noopener\">What Do Slowing Sales Mean for the Canadian Housing Market? Experts Weigh In on What to Expect in Coming Months<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>January was a cool month for the Canadian housing market, as national home sales dropped 14.5% month-over-month. \u201cWe expect some near-term volatility to persist in the market, as the fallout &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/\">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-8371","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to Expect Slowing Sales of Canadian Housing Market in Coming Months? &#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\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What to Expect Slowing Sales of Canadian Housing Market in Coming Months? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"January was a cool month for the Canadian housing market, as national home sales dropped 14.5% month-over-month. \u201cWe expect some near-term volatility to persist in the market, as the fallout &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\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"What to Expect Slowing Sales of Canadian Housing Market in Coming Months?\",\"datePublished\":\"2018-02-26T18:10:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/\"},\"wordCount\":502,\"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\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/\",\"name\":\"What to Expect Slowing Sales of Canadian Housing Market in Coming Months? &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2018-02-26T18:10:55+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/slowing-sales-mean-canadian-housing-market-expect-coming-months\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What to Expect Slowing Sales of Canadian Housing Market in Coming Months?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What to Expect Slowing Sales of Canadian Housing Market in Coming Months? &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/","twitter_card":"summary_large_image","twitter_title":"What to Expect Slowing Sales of Canadian Housing Market in Coming Months? &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"January was a cool month for the Canadian housing market, as national home sales dropped 14.5% month-over-month. \u201cWe expect some near-term volatility to persist in the market, as the fallout &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"What to Expect Slowing Sales of Canadian Housing Market in Coming Months?","datePublished":"2018-02-26T18:10:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/"},"wordCount":502,"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\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/","url":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/","name":"What to Expect Slowing Sales of Canadian Housing Market in Coming Months? &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2018-02-26T18:10:55+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2018\/02\/slowing-sales-mean-canadian-housing-market-expect-coming-months\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"What to Expect Slowing Sales of Canadian Housing Market in Coming Months?"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=8371"}],"version-history":[{"count":3,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8371\/revisions"}],"predecessor-version":[{"id":8374,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8371\/revisions\/8374"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=8371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=8371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=8371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}