{"id":8776,"date":"2018-04-09T15:15:15","date_gmt":"2018-04-09T22:15:15","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8776"},"modified":"2018-04-09T15:42:54","modified_gmt":"2018-04-09T22:42:54","slug":"the-canadian-housing-market-saw-a-dramatic-difference-from-last-quarter","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/the-canadian-housing-market-saw-a-dramatic-difference-from-last-quarter\/","title":{"rendered":"The Canadian Housing Market Saw A “Dramatic Difference” from Last Quarter"},"content":{"rendered":"

The first quarter of 2018 was a particularly rough one for the Canadian housing market, which saw sales plunge year-over-year for three consecutive months.<\/p>\n

It was a particularly dramatic drop in activity when compared to Q4 2017\u2019s surge of activity. Why the difference between the two quarters? According to BMO senior economist Benjamin Reitzes, it had a lot to do with a new mortgage stress test that came into effect on January 1.<\/p>\n

\u201cHousing was one of the bigger negatives to start 2018, as new mortgage rules\u2026have driven homes sales down over 40 per cent [year-over-year],\u201d he writes in a recent note. \u201cNot that home sales alone added 0.7 points to [GDP growth] in Q4; that\u2019s going to reverse\u2026in Q1 [of 2018.]\u201d<\/p>\n

Reitzes predicts that new data from the Canadian Real Estate Association, set to be released later this week, will see national home sales drop 17% year-over-year in March.<\/p>\n

\u201cThe broader market continues to adjust to stricter mortgage regulations, with Toronto cooling sharply amid a 40% plunge in activity,\u201d he writes.<\/p>\n

He notes that the BC market has also had to adjust to an increased foreign buyers tax, introduced last month as part of the province\u2019s budget.<\/p>\n

\u201cThe weakness in the high end of the Toronto and Vancouver markets helped knock average prices down 5% year-over-year, while the quality adjusted MLS HPI is expected to decelerate to an increase of 6% year-over-year, which would be the slowest increase in nearly three years,\u201d he writes.<\/p>\n

One bright spot? Ottawa saw a huge surge in activity in the first quarter of the year. \u201cOttawa was one of the few bright spots with sales up double-digits (thank you higher federal government spending),\u201d writes Reitzes.<\/p>\n

And, according to several industry watchers, it is unlikely that the rest of the market will stay cool for long.<\/p>\n

\u201cAll in, we expect policy-related turbulence\u2026to negatively impact sales in the near term, before some stabilization in activity beings to take hold mid-year,\u201d write TD economists Michael Dolega and Rishi Sondhi, in a recent note.<\/p>\n

Here’s Why The Canadian Housing Market Saw A “Dramatic Difference” Between Last Quarter & This One<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

The first quarter of 2018 was a particularly rough one for the Canadian housing market, which saw sales plunge year-over-year for three consecutive months. It was a particularly dramatic drop … [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-8776","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Canadian Housing Market Saw A "Dramatic Difference" from Last Quarter • 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\/the-canadian-housing-market-saw-a-dramatic-difference-from-last-quarter\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Housing Market Saw A "Dramatic Difference" from Last Quarter • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The first quarter of 2018 was a particularly rough one for the Canadian housing market, which saw sales plunge year-over-year for three consecutive months. 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