{"id":8512,"date":"2018-03-14T10:10:16","date_gmt":"2018-03-14T17:10:16","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8512"},"modified":"2018-03-12T10:33:48","modified_gmt":"2018-03-12T17:33:48","slug":"canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules\/","title":{"rendered":"Canada&#8217;s Housing Market Struggles to Adjust to New Mortgage Rules"},"content":{"rendered":"<p style=\"text-align: justify;\">2018 hasn\u2019t been kind to the Canadian real estate market so far \u2014 national home sales dropped steeply in January, and remained weak in February. According to a new report from RBC, it will be awhile before most markets get back on their feet.<\/p>\n<p style=\"text-align: justify;\">\u201cThe notion that the new stress test for uninsured mortgages would slow down Canada\u2019s housing market is getting more and more currency,\u201d writes RBC senior economist Robert Hogue. \u201cAfter a sharp drop in January, home resale activity was weak again in February.\u201d<\/p>\n<p style=\"text-align: justify;\">Hogue notes that while Toronto and Vancouver activity have slumped, data from other local real estate boards suggests the dip in activity was a \u201ccross-Canada affair.\u201d<\/p>\n<p style=\"text-align: justify;\">Sales in Calgary dropped 18% year-over-year, while Victoria saw a drop of 19%. While Montreal saw a 5% year-over-year gain, sales were down from their 13% increase in January.<\/p>\n<p style=\"text-align: justify;\">Meanwhile in Toronto, year-over-year sales dropped 25%, a serious decline from where the market sat this time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cAccording to our rough calculations, this will translate into an eight-year low on a seasonally-adjusted basis,\u201d writes Hogue. \u201cThe benchmark price further decelerated to an annual rate of increase of 3.2% \u2014 the slowest in nearly five years.\u201d<\/p>\n<p style=\"text-align: justify;\">In Vancouver the story was similar \u2014 sales fell 9% year-over-year in February.<\/p>\n<p style=\"text-align: justify;\">\u201cWe estimate that this corresponds to a second-straight double-digit monthly decline on a seasonally-adjusted basis,\u201d writes Hogue.<\/p>\n<p style=\"text-align: justify;\">But Hogue also believes that the market should start to recover in coming months, citing upward price pressure in the Vancouver market and a uptick in listings in both Toronto and Vancouver last month.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s worth noting that sellers warmed up to the market,\u201d he writes. \u201cNew listings rose in February in both Toronto and Vancouver after declining markedly in January. This could be an early sign of a pick-up in buyer activity in the coming months.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/sales-plunge-canadas-housing-market-struggles-adjust-new-mortgage-rules.html\" target=\"_blank\" rel=\"noopener\">As Sales Plunge, Canada&#8217;s Housing Market Struggles to Adjust to New Mortgage Rules<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2018 hasn\u2019t been kind to the Canadian real estate market so far \u2014 national home sales dropped steeply in January, and remained weak in February. According to a new report &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8512","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>Canada&#039;s Housing Market Struggles to Adjust to New Mortgage Rules &#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\/03\/canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada&#039;s Housing Market Struggles to Adjust to New Mortgage Rules &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"2018 hasn\u2019t been kind to the Canadian real estate market so far \u2014 national home sales dropped steeply in January, and remained weak in February. According to a new report &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\\\/03\\\/canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Canada&#8217;s Housing Market Struggles to Adjust to New Mortgage Rules\",\"datePublished\":\"2018-03-14T17:10:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules\\\/\"},\"wordCount\":328,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/canadas-housing-market-struggles-to-adjust-to-new-mortgage-rules\\\/\",\"name\":\"Canada's Housing Market Struggles to Adjust to New Mortgage Rules &#8226; 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