{"id":9420,"date":"2018-06-15T10:10:11","date_gmt":"2018-06-15T17:10:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9420"},"modified":"2018-06-08T09:51:03","modified_gmt":"2018-06-08T16:51:03","slug":"the-canadian-housing-market-just-dropped-most-expensive-global-ranking","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/the-canadian-housing-market-just-dropped-most-expensive-global-ranking\/","title":{"rendered":"The Canadian Housing Market Just Dropped Most Expensive Global Ranking"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian housing market is starting to slip out of its spot as one of the most expensive markets in the world, according to a new report.<\/p>\n<p style=\"text-align: justify;\">As the market continues to adjust to the effects of government regulation, a new mortgage stress test and rising interest rates, it has fallen several places in Knight Frank\u2019s first quarter real estate price growth ranking.<\/p>\n<p style=\"text-align: justify;\">In Q4 2017 the country held 10th spot on the real estate consultants global ranking \u2014 it\u2019s now fallen to number 15, as its price growth slows to a 6.6% 12-month change and a 6-month 1.1% drop. In Q4 2017, the country\u2019s 12-month price growth was 8.9%, with a 6-month drop of 1.3%.<\/p>\n<p style=\"text-align: justify;\">Austria, Hungary, Slovenia, Latvia and the Czech Republic have all surpassed Canada in the ranking in the last three months.<\/p>\n<p style=\"text-align: justify;\">\u201cEurope\u2019s recovery is now well-underway, closer analysis confirms 11 of the 15 strongest-performing housing markets globally were in Europe at the end of March 2018,\u201d reads the ranking.<\/p>\n<p style=\"text-align: justify;\">What\u2019s more, last month the Toronto housing market dropped from 11th to 18th place on Knight Frank\u2019s luxury housing market index.<\/p>\n<p style=\"text-align: justify;\">The drop in both rankings reflects a steep decline in home sales and prices. Last month, sales were down 22.2% and 35.1 year-over-year in Toronto and Vancouver, respectively.<\/p>\n<p style=\"text-align: justify;\">According to RBC senior economist Robert Hogue, the poor performance is a sign that the mortgage stress test will be keeping activity cool for the foreseeable future.<\/p>\n<p style=\"text-align: justify;\">\u201cIt increasingly looks like the new stress test is causing more than just a temporary dip in housing market activity in the greater Toronto and Vancouver areas,\u201d he wrote, in a recent note.<\/p>\n<p style=\"text-align: justify;\">But falling prices aren\u2019t a bad thing, according to Hogue, who says that a cooler market is preferable to last year\u2019s bubble-like conditions.<\/p>\n<p style=\"text-align: justify;\">\u201cIf anything the year-over-year decline should be seen as a positive development considering how high prices had climbed previously,\u201d he writes. \u201cThe road ahead is likely to be bumpy for both the Toronto and Vancouver market. Still, we expect that as long as the economy continues to grow they will manage to stay on track.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/06\/canadian-housing-market-just-dropped-global-ranking-heres.html\" target=\"_blank\" rel=\"noopener\">The Canadian Housing Market Just Dropped in This Global Ranking<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian housing market is starting to slip out of its spot as one of the most expensive markets in the world, according to a new report. As the market &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/the-canadian-housing-market-just-dropped-most-expensive-global-ranking\/\">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-9420","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Canadian Housing Market Just Dropped Most Expensive Global Ranking &#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\/06\/the-canadian-housing-market-just-dropped-most-expensive-global-ranking\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Housing Market Just Dropped Most Expensive Global Ranking &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian housing market is starting to slip out of its spot as one of the most expensive markets in the world, according to a new report. 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