{"id":9506,"date":"2018-06-23T10:10:20","date_gmt":"2018-06-23T17:10:20","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9506"},"modified":"2018-06-22T08:26:15","modified_gmt":"2018-06-22T15:26:15","slug":"how-the-canadian-housing-market-started-to-stabilize","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/how-the-canadian-housing-market-started-to-stabilize\/","title":{"rendered":"How the Canadian Housing Market Started to Stabilize"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home sales fell just 0.1% in May, after months of serious drops, according to the latest release from the Canadian Real Estate Association (CREA.)<\/p>\n<p style=\"text-align: justify;\">\u201cOn balance, this was a better-than-expected report. Sales were effectively flat during the month \u2013 their best turnout so far this year,\u201d writes TD economist Rishi Sondhi, in a recent note.<\/p>\n<p style=\"text-align: justify;\">It could be a sign that the market has finally adjusted to the effects of a new mortgage stress test, which came into effect on January 1 and took a serious bite out of the housing market.<\/p>\n<p style=\"text-align: justify;\">For a closer look at what May had in store for the housing market, BuzzBuzzNews has rounded up 7 stats to put things in perspective.<\/p>\n<p style=\"text-align: justify;\">1. Roughly half of local housing markets saw a drop in sales in May, including several BC markets. Sales were up 3.9% in Calgary, 1.1% in Edmonton and 1.6 % in the GTA.<\/p>\n<p style=\"text-align: justify;\">2. New listings were up 5.1% month-over-month, after dropping 3.7% in April. Alberta and Saskatchewan both saw huge surges, with Edmonton up 11.9% and Regina up 14.8%.<\/p>\n<p style=\"text-align: justify;\">3. The increase in listings brought the market into full balanced territory, with a sales-to-new-listings ratio of 50.6. A ratio of between 40 and 60 is considered balanced, with readings above and below indicating buyers and sellers markets, respectively.<\/p>\n<p style=\"text-align: justify;\">4. The average home price rose for a second straight month, jumping 0.9% to $496,000.<\/p>\n<p style=\"text-align: justify;\">5. The MLS home price index decelerated to 1% year-over-year, the weakest pace of growth since 2009. The deceleration was particularly notable in the GTA, were the HPI declined by 5.4% year-over-year.<\/p>\n<p style=\"text-align: justify;\">6. \u201cTypically, impacts on demand from [mortgage rule changes] tend to be rapid, but also transitory,\u201d writes Sondhi. \u201cHistory appears to be repeating itself with the May figures pointing to stabilization &#8230;.. Going forward, we expect activity to find support and begin to recover very gradually in the second half of the year.\u201d<\/p>\n<p style=\"text-align: justify;\">7. \u201cThis year\u2019s new stress-test became even more restrictive in May, since the interest rate used to qualify mortgage applications rose early in the month,\u201d writes CREA chief economist Gregory Klump, in a statement. \u201cFurther increases in the rate could weigh on home sales activity at a time when Canadian economic growth is facing headwinds from US trade policy frictions.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/06\/7-stats-explain-canadian-housing-market-started-stabilize-may.html\" target=\"_blank\" rel=\"noopener\">7 Stats That Explain How the Canadian Housing Market Started to Stabilize in May<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home sales fell just 0.1% in May, after months of serious drops, according to the latest release from the Canadian Real Estate Association (CREA.) \u201cOn balance, this was a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/how-the-canadian-housing-market-started-to-stabilize\/\">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-9506","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>How the Canadian Housing Market Started to Stabilize &#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\/how-the-canadian-housing-market-started-to-stabilize\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How the Canadian Housing Market Started to Stabilize &#8226; 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