{"id":8680,"date":"2018-03-31T11:11:47","date_gmt":"2018-03-31T18:11:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8680"},"modified":"2018-03-30T16:11:30","modified_gmt":"2018-03-30T23:11:30","slug":"canadian-housing-markets-remain-affordable-healthy-except-toronto-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/canadian-housing-markets-remain-affordable-healthy-except-toronto-vancouver\/","title":{"rendered":"Canadian Housing Markets Remain Affordable &#038; Healthy Except Toronto &#038; Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">There\u2019s no doubt that tougher mortgage rules and an interest rate hike took a serious bite out of the Canadian housing market in January, as national home sales fell 14.5%. But, according to one economist, that number doesn\u2019t tell the whole story.<\/p>\n<p style=\"text-align: justify;\">\u201cUnlike Toronto and even higher-priced Vancouver, housing markets in the rest of our country remain affordable and healthy,\u201d writes BMO senior economist Sal Guatieri, in a recent note.<\/p>\n<p style=\"text-align: justify;\">According to Guatieri, the worrisome national home sale numbers are largely result of big sales drops in Toronto and Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cTougher mortgage rules look to deepen the correction in Greater Toronto\u2019s detached housing market, where prices are down moderately from a year ago and roughly 12% since the spring,\u201d he writes. \u201cBut &#8230;.. housing markets in the rest of the country &#8230;.. should see relatively little impact from the new mortgage rules.\u201d<\/p>\n<p style=\"text-align: justify;\">He highlights two markets that are set to perform particularly well heading into the spring.<\/p>\n<p style=\"text-align: justify;\">\u201cHouse prices in Ottawa and Montreal have picked up and could lead the nation this year,\u201d writes Guatieri.<\/p>\n<p style=\"text-align: justify;\">It\u2019s a prediction echoed by TD economist Rishi Sondhi, who says that many more affordable housing markets are unlikely to be affected.<\/p>\n<p style=\"text-align: justify;\">\u201cThe outlook is comparatively favourable for Quebec and the Maritime provinces, where good affordability will limit the impact of higher rates and [and the new mortgage rules],\u201d Sondhi told BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">But it likely won\u2019t be a good year for the typically hot BC market, which, after having adjusted to a foreign buyer tax in August 2016, had new rules imposed last month.<\/p>\n<p style=\"text-align: justify;\">\u201cBC will need to digest new housing measures announced by the provincial government, including an increase in the foreign buyers\u2019 tax to 20% from 15%, and an expansion of the tax to areas beyond metro Vancouver, as well as a speculation tax on nonresident owners,\u201d writes Guatieri.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/theres-plenty-good-news-canadian-housing-market-look-past-toronto-vancouver.html\" target=\"_blank\" rel=\"noopener\">There&#8217;s Plenty of Good News to Be Had in the Canadian Housing Market (If You Look Past Toronto &amp; Vancouver)<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s no doubt that tougher mortgage rules and an interest rate hike took a serious bite out of the Canadian housing market in January, as national home sales fell 14.5%. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/canadian-housing-markets-remain-affordable-healthy-except-toronto-vancouver\/\">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-8680","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>Canadian Housing Markets Remain Affordable &amp; Healthy Except Toronto &amp; Vancouver &#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\/canadian-housing-markets-remain-affordable-healthy-except-toronto-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Housing Markets Remain Affordable &amp; 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