{"id":9760,"date":"2018-07-19T10:10:57","date_gmt":"2018-07-19T17:10:57","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9760"},"modified":"2018-07-09T10:52:26","modified_gmt":"2018-07-09T17:52:26","slug":"vancouver-housing-market-has-the-weakest-performance-since-late-2016","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/vancouver-housing-market-has-the-weakest-performance-since-late-2016\/","title":{"rendered":"Vancouver Housing Market Has the Weakest Performance Since Late-2016"},"content":{"rendered":"<p style=\"text-align: justify;\">June was a relatively positive month for the Canadian housing market, as a slight uptick in sales hinted that the market was beginning to adjust to the new mortgage stress test. But it wasn\u2019t good news across the board.<\/p>\n<p style=\"text-align: justify;\">\u201cAfter a difficult start to the year, the housing market is showing signs that conditions are broadly stabilizing,\u201d writes BMO Canadian rates and macro strategist director Benjamin Reitzes, in a recent note. \u201cDespite the less negative overall picture, the market remains highly segmented.\u201d<\/p>\n<p style=\"text-align: justify;\">Vancouver continues to struggle to adjust to tightened foreign buyer rules, according to Reitzes. The market saw activity and new listings pull back roughly 10% in June, per the Real Estate Board of Greater Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s a continuation of the deflation of the Vancouver market,\u201d Reitzes tells Livabl. \u201cYou\u2019ve got stricter foreign buyer rules, and when you pile on top of that [the mortgage stress test], it\u2019s a lot to adjust to.\u201d<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s performance was also noted by TD senior economist Michael Dolega, in a recent note.<\/p>\n<p style=\"text-align: justify;\">\u201cThe decline in sales was the fifth in six months, with the softness manifesting in prices,\u201d writes Dolega. \u201cThe [Housing Price Index] was down 0.5% in June, the third consecutive decline and the weakest performance since late-2016.\u201d<\/p>\n<p style=\"text-align: justify;\">Reitzes also notes that the other Western housing markets, including Calgary, continued to struggle last month, despite a rise in oil prices.<\/p>\n<p style=\"text-align: justify;\">\u201cYou haven\u2019t really seen the impact of the oil rebound [on the housing market],\u201d says Reitzes. \u201cGenerally the pick up would lead to wage growth and job growth which would lead to a stronger housing market.\u201d<\/p>\n<p style=\"text-align: justify;\">Even markets that had seemed to dodge the effects of the stress test underperformed last month, according to Reitzes.<\/p>\n<p style=\"text-align: justify;\">\u201cMontreal and Ottawa, which have been particularly strong this year, cooled a bit as well in June,\u201d he writes.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/07\/canadian-cities-cant-seem-get-mortgage-stress-test-hump.html\" target=\"_blank\" rel=\"noopener\">These Canadian Cities Can&#8217;t Seem to Get Over the Mortgage Stress Test Hump<\/a> by Sarah Niedoba &#8221; Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>June was a relatively positive month for the Canadian housing market, as a slight uptick in sales hinted that the market was beginning to adjust to the new mortgage stress &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/vancouver-housing-market-has-the-weakest-performance-since-late-2016\/\">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-9760","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>Vancouver Housing Market Has the Weakest Performance Since Late-2016 &#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\/vancouver-housing-market-has-the-weakest-performance-since-late-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Housing Market Has the Weakest Performance Since Late-2016 &#8226; 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