{"id":8594,"date":"2018-03-29T10:10:23","date_gmt":"2018-03-29T17:10:23","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8594"},"modified":"2018-03-16T11:51:54","modified_gmt":"2018-03-16T18:51:54","slug":"a-bad-start-to-the-year-for-the-canadian-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/a-bad-start-to-the-year-for-the-canadian-housing-market\/","title":{"rendered":"A Bad Start to The Year for The Canadian Housing Market?"},"content":{"rendered":"<p style=\"text-align: justify;\">National sales slid for a second consecutive month in February, causing some industry watchers to worry about what the rest of 2018 has in store for the Canadian housing market. But according to two economists, things aren\u2019t as bad as they seem.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite a less-than-stellar headline, there were some modestly encouraging details in [the latest data release from the Canadian Real Estate Association],\u201d write TD economists Michael Dolega and Rishi Sondhi, in a recent note. \u201cWhile sales did drop, the pace of decline eased considerably relative to January.\u201d<\/p>\n<p style=\"text-align: justify;\">National sales fell 6.5% month-over-month in February, after plunging 14.5% in January. The pair attribute the drop to a new mortgage stress test that came into effect on January 1, which caused buyers to rush into the market in December.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the give-back related to the pull-forward in activity experienced late last year, as buyers rushed to close deals prior to the [new mortgage test,] appears to have been largely complete in January, the softness in sales nonetheless persisted this month,\u201d they write.<\/p>\n<p style=\"text-align: justify;\">But, the pair predict that the market will begin to adjust to the new rules in the second half of the year. They point out that listings are already rising, suggesting increased seller confidence in the market.<\/p>\n<p style=\"text-align: justify;\">\u201cAll in, we expect policy-related turbulence and higher rates to negatively impact sales in the near-term, before some stabilization in activity begins to take hold mid-year,\u201d they write.<\/p>\n<p style=\"text-align: justify;\">It\u2019s a sentiment echoed by RBC economist Robert Hogue, who also observed that listings rose last month in his most recent note.<\/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 pick-up in buyer activity in the coming months.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/bad-start-year-canadian-housing-market-not-fast-say-economists.html\" target=\"_blank\" rel=\"noopener\">A Bad Start to The Year for The Canadian Housing Market?<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National sales slid for a second consecutive month in February, causing some industry watchers to worry about what the rest of 2018 has in store for the Canadian housing market. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/a-bad-start-to-the-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-8594","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>A Bad Start to The Year for The Canadian Housing Market? 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