{"id":9609,"date":"2018-06-28T08:08:04","date_gmt":"2018-06-28T15:08:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9609"},"modified":"2018-06-26T16:07:05","modified_gmt":"2018-06-26T23:07:05","slug":"a-stronger-new-construction-market-to-heat-up-later-in-the-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/a-stronger-new-construction-market-to-heat-up-later-in-the-year\/","title":{"rendered":"A Stronger New Construction Market to Heat Up Later in the Year"},"content":{"rendered":"

It\u2019s been a cool year so far for the Canadian housing market, and most economists are predicting that it will quite some time before activity starts to pick up again. But according to one expert, there were some positive indicators to be found in last month\u2019s housing data.<\/p>\n

\u201cIn an otherwise quiet week for economic data, we did get an update on the trigger of the last recession \u2013 the housing market,\u201d writes TD senior economist Leslie Preston, in a recent note.<\/p>\n

\u201cThere a few signs of froth there,\u201d she writes. \u201cHousing starts continued their gradual upward trend in May. Residential construction has been on a stronger footing this year after weakness in multi-unit structures drove a lull in 2017.\u201d<\/p>\n

In other words, while sales have been falling on a year-over-year basis and prices remain stubbornly flat, a stronger new construction market could be a sign that things will start to heat up again later in the year.<\/p>\n

Preston does acknowledge that other housing data was less than encouraging last month.<\/p>\n

\u201cThe existing home market, on the other hand, was a bit disappointing in May,\u201d she writes. \u201cSales have trended down recently, as the market struggles with a lack of listings.\u201d<\/p>\n

Still, she is optimistic that activity will increase moving forward, if at a slower pace than previous years.<\/p>\n

\u201cForward looking indicators suggests activity should improve in the months ahead,\u201d she writes. \u201cIn time, construction of new homes should help, but improvement is expected to be gradual as affordability constrains demand.\u201d<\/p>\n

It\u2019s a sentiment that was echoed by RBC senior economist Robert Hogue earlier this month. While he\u2019s not optimistic about sales numbers \u2014 which he writes could fall by over 8 per cent by the end of the year \u2014 he believes that prices will recover in the coming months.<\/p>\n

\u201cNonetheless, the balance between demand and supply remains largely as we anticipated \u2014 balanced \u2014 and price gains are decelerating roughly in line with our forecast,\u201d writes Hogue, in a recent note. \u201cSo at this stage, our the projected 1.8% annual price increase for 2018 nationwide still looks achievable.\u201d<\/p>\n

Despite Lacklustre Sales Numbers, This Economist Thinks There Are Some Signs of Froth in the Canadian Housing Market<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s been a cool year so far for the Canadian housing market, and most economists are predicting that it will quite some time before activity starts to pick up again. … [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-9609","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nA Stronger New Construction Market to Heat Up Later in the Year • 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\/a-stronger-new-construction-market-to-heat-up-later-in-the-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" 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