{"id":9546,"date":"2018-06-28T10:10:12","date_gmt":"2018-06-28T17:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9546"},"modified":"2018-06-20T13:33:39","modified_gmt":"2018-06-20T20:33:39","slug":"canadian-home-buyers-have-taken-a-pass-on-the-spring-season","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/canadian-home-buyers-have-taken-a-pass-on-the-spring-season\/","title":{"rendered":"Canadian Home Buyers Have Taken A Pass on the Spring Season"},"content":{"rendered":"<p style=\"text-align: justify;\">As Canadian home sales took a serious plunge in the first quarter of 2018, many industry watchers predicted that activity would start to pick up again in the spring. But according to one economist, that doesn\u2019t look like it\u2019s going to happen.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s official: homebuyers took a pass at the spring season,\u201d writes RBC senior economist Robert Hogue, in a recent note. \u201cWe held the view until now that the transitory effect of the stress test implemented on January 1 would start to wane by the spring. Well, there was no indication of any material rebound in home resale activity through May.\u201d<\/p>\n<p style=\"text-align: justify;\">Resales in Canada fell to a six-year low last month, with just 436,500 units sold on a seasonally-adjusted basis, representing the fifth monthly sales decline in a row. Hogue blames new mortgage rules, higher interest rates and an expansion of Vancouver\u2019s foreign buyer tax for the market\u2019s poor performance.<\/p>\n<p style=\"text-align: justify;\">\u201cClearly, [these factors] continue to keep homebuyers on the sidelines,\u201d he writes. \u201cNot even a material rise in new listings (up 5.1%) enticed them back into play.\u201d<\/p>\n<p style=\"text-align: justify;\">Still, he notes that policy-makers should be pleased that the market is still in balanced territory, after last year\u2019s bubble-like conditions in major markets like Toronto.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile most markets have yet to settle in and affordability is still a gut-wrenching issue in key areas, the recent trends dialed down earlier worries about the Toronto and Vancouver area markets,\u201d writes Hogue. \u201cMeanwhile, up-trending markets such as Ottawa and Montreal keep chugging along and pose little concern at this point.\u201d<\/p>\n<p style=\"text-align: justify;\">As for the market\u2019s \u201clanding,\u201d he admits that things may be a little rougher this year than his earlier predictions.<\/p>\n<p style=\"text-align: justify;\">\u201cThe absence of a rebound in activity this spring means that home resales in Canada are tracking lower than we assumed in our April forecast,\u201d writes Hogue.<\/p>\n<p style=\"text-align: justify;\">While RBC had predicted that home sales would fall 4.3% in 2018, Hogue predicts that the number might actually be twice as high by the end of the year.<\/p>\n<p style=\"text-align: justify;\">\u201cNonetheless, the balance between demand and supply remains largely as we anticipated\u2014balanced\u2014and price gains are decelerating roughly in line with our forecast,\u201d he adds. \u201cSo at this stage, our the projected 1.8% annual price increase for 2018 nationwide still looks achievable.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/06\/canadian-home-buyers-taken-pass-spring-season-rbc.html\" target=\"_blank\" rel=\"noopener\">RBC : Canadian Home Buyers Have Taken A Pass on the Spring Season<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Canadian home sales took a serious plunge in the first quarter of 2018, many industry watchers predicted that activity would start to pick up again in the spring. But &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/canadian-home-buyers-have-taken-a-pass-on-the-spring-season\/\">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-9546","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>Canadian Home Buyers Have Taken A Pass on the Spring Season &#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\/canadian-home-buyers-have-taken-a-pass-on-the-spring-season\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Home Buyers Have Taken A Pass on the Spring Season &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As Canadian home sales took a serious plunge in the first quarter of 2018, many industry watchers predicted that activity would start to pick up again in the spring. 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