{"id":8567,"date":"2018-03-27T10:10:34","date_gmt":"2018-03-27T17:10:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8567"},"modified":"2018-03-21T14:46:36","modified_gmt":"2018-03-21T21:46:36","slug":"2018-will-be-a-rougher-year-for-the-canadian-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/2018-will-be-a-rougher-year-for-the-canadian-housing-market\/","title":{"rendered":"2018 Will Be A Rougher Year for The Canadian Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">2018 has seen a serious cooling of the Canadian housing market so far, as national sales fell for two consecutive months in January and February. But according to one organization, things are unlikely to improve in the coming months.<\/p>\n<p style=\"text-align: justify;\">National sales activity is forecasted to decline another 7.1% in 2018, according to the latest forecast from the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">\u201cThe decline reflects weaker sales in BC and Ontario, amid heightened housing market uncertainty caused by provincial policy measures, high home prices, ongoing supply shortages and tightening mortgage stress tests as interest rates rise,\u201d reads the forecast.<\/p>\n<p style=\"text-align: justify;\">According to CREA, the adjusted forecast comes as a result of markets continuing to face policy-related headwinds.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen CREA previously published its forecast in December 2017, housing markets were being affected by provincial policy measures in BC and Ontario, and by the stress test on mortgage applications,\u201d reads the forecast. \u201cRising interest rates and the announcement [of the stress test for uninsured buyers] were also factors.\u201d<\/p>\n<p style=\"text-align: justify;\">Since then, the BC government has announced further provincial housing policy measures, and the Bank of Canada has hiked the overnight rate to 1.25%.<\/p>\n<p style=\"text-align: justify;\">\u201cInterest rates are widely expected to rise further this year,\u201d reads the report. \u201cHigher interest rates make mortgage stress tests a more difficult hurdle for homebuyers that need mortgage financing.\u201d<\/p>\n<p style=\"text-align: justify;\">Nevertheless, CREA predicts that sales will pick up in the second half of the year, as the market begins to adjust to the policy changes.<\/p>\n<p style=\"text-align: justify;\">\u201cSome homebuyers will likely stay on the sidelines &#8230;.. and continue saving a large down payment before purchasing, resulting in lower sales in the first half of 2018 followed by a modest rebound in the second half of the year as uncertainty fades,\u201d reads the forecast.<\/p>\n<p style=\"text-align: justify;\">The national average price of a home is expected to fall 2.3% year-over-year to $498,100.<\/p>\n<p style=\"text-align: justify;\">\u201cThe decline in national average price reflects fewer transactions in BC and Ontario; by the same token, price declines in these provinces reflect fewer sales of higher-priced homes in Vancouver and Toronto,\u201d reads the forecast.<\/p>\n<p style=\"text-align: justify;\">But prices in other markets \u2014 including Eastern Ontario, Quebec, New Brunswick, Nova Scotia and PEI \u2014 are expected to rise.<\/p>\n<p style=\"text-align: justify;\">\u201cMeanwhile, for the fourth consecutive year, home prices are forecast to be little changed in Alberta,\u201d reads the forecast.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/buckle-2018-will-rougher-year-canadian-housing-market-anyone-predicted.html\" target=\"_blank\" rel=\"noopener\">Buckle Up : 2018 Will Be A Rougher Year for The Canadian Housing Market Than Anyone Predicted<\/a> by Sarah Niedoba | buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2018 has seen a serious cooling of the Canadian housing market so far, as national sales fell for two consecutive months in January and February. But according to one organization, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/2018-will-be-a-rougher-year-for-the-canadian-housing-market\/\">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-8567","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>2018 Will Be A Rougher Year for The Canadian Housing Market &#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\/2018-will-be-a-rougher-year-for-the-canadian-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"2018 Will Be A Rougher Year for The Canadian Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"2018 has seen a serious cooling of the Canadian housing market so far, as national sales fell for two consecutive months in January and February. 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