{"id":9749,"date":"2018-07-16T10:10:12","date_gmt":"2018-07-16T17:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9749"},"modified":"2018-07-07T08:32:47","modified_gmt":"2018-07-07T15:32:47","slug":"where-are-canadian-housing-prices-headed-for-the-rest-of-the-summer","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/where-are-canadian-housing-prices-headed-for-the-rest-of-the-summer\/","title":{"rendered":"Where Are Canadian Housing Prices Headed for the Rest of the Summer?"},"content":{"rendered":"<p style=\"text-align: justify;\">The latest housing data releases out of Vancouver and Toronto saw prices start to move upwards, after months of slumping activity. But will the market continue to warm up, or was last month an anomaly?<\/p>\n<p style=\"text-align: justify;\">It seems likely that a lack of supply and continued high demand will start to push prices northward in the coming months, according to several industry experts who spoke with Livabl this week.<\/p>\n<p style=\"text-align: justify;\">For a closer look at what the rest of the summer has in store for Canadian home prices, we\u2019ve rounded up the latest commentary to keep you in the know.<\/p>\n<p style=\"text-align: justify;\"><strong>Toronto home prices are inching back up<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the latest release from the Toronto Real Estate Board (TREB), the average selling price of a GTA home jumped up 2% year-over-year to $807,871 in June.<\/p>\n<p style=\"text-align: justify;\">\u201cSales were up a little bit year-over-year, but new listings were down nearly 18% [year-over-year],\u201d TREB\u2019s Director of Market Analysis and Service Channels Jason Mercer told Livabl. \u201cWe\u2019ve eaten into almost all of the inventory that came onto the market last spring, because the issue of [lack] of supply has remained a problem.\u201d<br \/>\nIt\u2019s that lack of supply that is pushing prices up, according to Mercer.<\/p>\n<p style=\"text-align: justify;\">\u201c[The lack of supply] could cause more competition between various buyers, which could place stronger upward pressure on home prices,\u201d he says.<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver prices could be decelerating<\/strong><\/p>\n<p style=\"text-align: justify;\">Meanwhile in Vancouver, the market was flooded with new listings in June.<\/p>\n<p style=\"text-align: justify;\">There were a total of 11,947 homes listed for sale last month, a whopping 40% year-over-year increase, and the highest listing total since June 2015.<\/p>\n<p style=\"text-align: justify;\">\u201cWith reduced demand, detached homes are entering a buyers\u2019 market and price growth in our townhome and apartment markets is showing signs of decelerating,\u201d said Real Estate Board of Greater Vancouver (REBGV) president Phil Moore, in a statement.<\/p>\n<p style=\"text-align: justify;\">In fact, the sales-to-active listings ratio for June was just 20%. According to REBGV, prices tend to fall when the ratio is below the 12% mark, and rise when it\u2019s above the 20% threshold.<\/p>\n<p style=\"text-align: justify;\">While the market is certainly less tight than it used to be, it may be awhile before prices actually start to drop \u2014 the benchmark price of a home in Metro Vancouver hit $1,093,600 in June, a 9.5% increase from a year ago.<\/p>\n<p style=\"text-align: justify;\"><strong>Affordability is set to deteriorate<\/strong><\/p>\n<p style=\"text-align: justify;\">As prices start to creep upwards, affordability will inevitably deteriorate. RBC\u2019s aggregate housing affordability measure rose by 0.4% to 48.4% in the first quarter of 2018, after falling 0.3% in Q4 2017, its first decline in 10 quarters.<\/p>\n<p style=\"text-align: justify;\">According to RBC senior economist Robert Hogue, rising interest rates have worsened affordability in Canada\u2019s two hottest housing markets \u2014 Toronto and Vancouver. As of last quarter, the average Vancouver homeowner would have to put 87.8% of their household income into home ownership costs, while the average Toronto homeowner would have to put 74.2%.<\/p>\n<p style=\"text-align: justify;\">As to what to expect for next quarter, Hogue doesn\u2019t think home buyers should be getting their hopes up.<\/p>\n<p style=\"text-align: justify;\">\u201cThe prospect of more interest rate hikes in the period ahead poses material risk of further affordability erosion in Canada,\u201d he writes, in the affordability report. \u201cThe odds of this ultimately occurring will also depend on the degree to which household income increases.\u201d<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/07\/canadian-housing-prices-headed-rest-summer-heres-experts-say.html\" target=\"_blank\" rel=\"noopener\">Where Are Canadian Housing Prices Headed for the Rest of the Summer?<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest housing data releases out of Vancouver and Toronto saw prices start to move upwards, after months of slumping activity. But will the market continue to warm up, or &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/where-are-canadian-housing-prices-headed-for-the-rest-of-the-summer\/\">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-9749","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>Where Are Canadian Housing Prices Headed for the Rest of the Summer? &#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\/07\/where-are-canadian-housing-prices-headed-for-the-rest-of-the-summer\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Where Are Canadian Housing Prices Headed for the Rest of the Summer? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The latest housing data releases out of Vancouver and Toronto saw prices start to move upwards, after months of slumping activity. 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