{"id":8719,"date":"2018-04-09T10:10:14","date_gmt":"2018-04-09T17:10:14","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8719"},"modified":"2018-04-04T10:30:29","modified_gmt":"2018-04-04T17:30:29","slug":"where-is-the-canadian-housing-market-headed-in-2018","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/where-is-the-canadian-housing-market-headed-in-2018\/","title":{"rendered":"Where is The Canadian Housing Market Headed in 2018?"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian housing market has seen plenty of regulation over the past year \u2014 from a GTA foreign buyer tax to a national mortgage stress test for uninsured borrowers \u2014 that has sent national home sales plummeting. According to one industry expert, it\u2019s been too much, too fast.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s too much regulation at the moment,\u201d Canadian Real Estate Association\u2019s newest CEO Michael Bourque tells BuzzBuzzNews. He\u2019s concerned that the dream of homeownership is slipping out of reach for many Canadians.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat we would want would be for regulators at all levels to just hit the pause button,\u201d he says. \u201cWe\u2019re seeing regulation at the national level [with the new mortgage rules] and the provincial level [with foreign buyer taxes in Toronto and Vancouver.] It\u2019s a lot.\u201d<\/p>\n<p style=\"text-align: justify;\">National home sales dropped 14.5% month-over-month in January, and 6.5% month-over-month in February.<\/p>\n<p style=\"text-align: justify;\">And while Toronto and Vancouver have certainly been hit hardest by the new rules, Bourque says he\u2019s disappointed that regulators didn\u2019t take into account how the measures would affect cooler local housing markets.<\/p>\n<p style=\"text-align: justify;\">\u201cLook at Alberta, for example,\u201d he says. \u201cThat\u2019s a market that could actually use some help, and this is going to make it even harder for it to come back.\u201d<\/p>\n<p style=\"text-align: justify;\">So where are things headed next? Bourque says that it will take a few more months to determine if the national market will continue to cool, or begin to recover.<\/p>\n<p style=\"text-align: justify;\">\u201cIt will take a few more months to determine if regulators have overshot,\u201d he says. \u201cBut what I would predict is that eventually the market will start to come back quite a bit.\u201d<\/p>\n<p style=\"text-align: justify;\">The reason? There\u2019s still more demand in the Canadian housing market than supply.<\/p>\n<p style=\"text-align: justify;\">\u201cEvery realtor that I speak to tells me they have more buyers than they do supply,\u201d he says. \u201cI don\u2019t think those buyers are going away.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/04\/canadian-housing-market-headed-2018-creas-new-ceo-weighs.html\" target=\"_blank\" rel=\"noopener\">Where is The Canadian Housing Market Headed in 2018? CREA&#8217;s New CEO Weighs In<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian housing market has seen plenty of regulation over the past year \u2014 from a GTA foreign buyer tax to a national mortgage stress test for uninsured borrowers \u2014 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/where-is-the-canadian-housing-market-headed-in-2018\/\">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-8719","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Where is The Canadian Housing Market Headed in 2018? &#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\/04\/where-is-the-canadian-housing-market-headed-in-2018\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Where is The Canadian Housing Market Headed in 2018? 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