{"id":9045,"date":"2018-05-11T08:08:25","date_gmt":"2018-05-11T15:08:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9045"},"modified":"2018-05-11T07:40:16","modified_gmt":"2018-05-11T14:40:16","slug":"the-canadian-housing-market-is-showing-further-signs-of-fatigue","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/the-canadian-housing-market-is-showing-further-signs-of-fatigue\/","title":{"rendered":"The Canadian Housing Market is Showing Further Signs of Fatigue"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian economy hit a bit of a slump in the first quarter of 2018, and according to one economist, it could be because the industry that had been propping it up for years has started to flag.<\/p>\n<p style=\"text-align: justify;\">\u201c[As] Canadian trade continues to struggle, the prior Canadian growth workhorse \u2014 housing \u2014 is showing further signs of fatigue,\u201d writes BMO chief economist Douglas Porter, in a recent note.<\/p>\n<p style=\"text-align: justify;\">According to Porter, home sales \u2014 which have been down year-over-year every month since January \u2014 are struggling under the weight of a new mortgage stress test, foreign buyer taxes in Toronto and Vancouver, and rising interest rates.<\/p>\n<p style=\"text-align: justify;\">\u201cCalgary, Vancouver and Toronto reported a drop in sales of at least 20% from year-ago levels in April, despite very different dynamics in each of the three markets,\u201d writes Porter.<\/p>\n<p style=\"text-align: justify;\">That could mean that after taking a bite out of Canada\u2019s GDP in Q1, the housing market won\u2019t add to growth at all in the coming months.<\/p>\n<p style=\"text-align: justify;\">\u201cWith the slide in sales, we look for residential activity &#8230;.. to make no contribution at all in 2018,\u201d writes Porter.<\/p>\n<p style=\"text-align: justify;\">He is quick to note, however, that April\u2019s poor weather likely contributed to the low sales numbers. What\u2019s more, this year\u2019s numbers were always going to appear low when compared to April 2017\u2019s record-breaking highs.<\/p>\n<p style=\"text-align: justify;\">\u201cIn two separate cases in recent weeks, I have heard a pundit decrying the measures taken a year ago to cool Toronto\u2019s torrid market \u2014 because \u2018we didn\u2019t have enough data on non-resident buyers,\u2019\u201d writes Porter. \u201cThat\u2019s akin to demanding, when your house is on fire, to first know whether it was Professor Plum in the Library with a butane lighter, or torch, or Colonel Mustard in the Kitchen with a blowtorch, before calling the fire department.\u201d<\/p>\n<p style=\"text-align: justify;\">According to Porter, the GTA foreign buyers tax implemented last April was the right call for the market, despite the potential blow to the Canadian economy.<\/p>\n<p style=\"text-align: justify;\">\u201cThe subsequent deep cool-down [after the tax] suggests that the measures taken on that front were entirely appropriate, and effective,\u201d he writes.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/05\/canadian-housing-market-showing-signs-fatigue-bmo.html\" target=\"_blank\" rel=\"noopener\">BMO : The Canadian Housing Market is Showing Further Signs of Fatigue<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian economy hit a bit of a slump in the first quarter of 2018, and according to one economist, it could be because the industry that had been propping &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/the-canadian-housing-market-is-showing-further-signs-of-fatigue\/\">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-9045","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>The Canadian Housing Market is Showing Further Signs of Fatigue &#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\/05\/the-canadian-housing-market-is-showing-further-signs-of-fatigue\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Housing Market is Showing Further Signs of Fatigue &#8226; 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