{"id":9039,"date":"2018-05-10T10:10:37","date_gmt":"2018-05-10T17:10:37","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9039"},"modified":"2018-05-10T10:34:20","modified_gmt":"2018-05-10T17:34:20","slug":"new-mortgage-rules-delayed-the-canadian-spring-housing-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/new-mortgage-rules-delayed-the-canadian-spring-housing-markets\/","title":{"rendered":"New Mortgage Rules Delayed the Canadian Spring Housing Market"},"content":{"rendered":"

The Canadian housing market has been in a bit of a funk ever since a new mortgage stress test came into effect on January 1. National home sales have been falling on a year-over-year basis ever since, and last month was no exception. According to one economist, the new policy may have postponed the market\u2019s annual spring sales bump.<\/p>\n

\u201cThe new stress test clearly was still a factor in the Toronto and Vancouver areas in April,\u201d writes RBC economist Robert Hogue, in a recent note. \u201cActivity was weak in both markets last month \u2014 down by 32.1% in Toronto and by 27.4% in Vancouver relative to a year ago.\u201d<\/p>\n

Hogue writes that sellers might be delaying listing their properties amidst uncertainty about the state of the market, which could push back the \u201cusual spring-season ramp-up.\u201d GTA home listings were down 24.6% year-over-year in April.<\/p>\n

\u201cTypically you see home resale activity pick up in March and peak during the April-May period,\u201d Hogue tells BuzzBuzzNews. \u201cBut we\u2019re not seeing the usual pick up in activity as clearly as we have in the past.\u201d<\/p>\n

As to whether the pick up will come later in the year, Hogue calls this the \u201cbig question everybody\u2019s trying to answer.\u201d He believes there will likely be a pickup in sales later in the year, but isn\u2019t able to say when, or by how much.<\/p>\n

\u201cWe would normally expect to see some kind of rebound in sales, but we don\u2019t know yet how much the stress test is pushing back activity, or to what extent this is a permanent effect,\u201d he says.<\/p>\n

Hogue writest that GTA prices should please policy-makers, as the aggregate benchmark price fell below year-ago levels for the second month in April. Single detached prices were down 10.3% year-over-year, while condo prices were up 10.2%.<\/p>\n

\u201cOn a year-over-year basis, the drop in the aggregate price virtually matched the decline recorded during the 2008-2009 recession,\u201d he writes. \u201cWe\u2019re close to the bottom, though. In fact, the level bottomed three months ago. It will take another month or two before the year-over-year comparisons begin to show it.\u201d<\/p>\n

Have New Mortgage Rules Delayed the Canadian Housing Market’s Spring Ramp Up?<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

The Canadian housing market has been in a bit of a funk ever since a new mortgage stress test came into effect on January 1. National home sales have been … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-9039","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nNew Mortgage Rules Delayed the Canadian Spring Housing Market • 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\/05\/new-mortgage-rules-delayed-the-canadian-spring-housing-markets\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Mortgage Rules Delayed the Canadian Spring Housing Market • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian housing market has been in a bit of a funk ever since a new mortgage stress test came into effect on January 1. 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