{"id":9764,"date":"2018-07-20T08:08:31","date_gmt":"2018-07-20T15:08:31","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9764"},"modified":"2018-07-18T06:55:28","modified_gmt":"2018-07-18T13:55:28","slug":"toronto-vancouvers-housing-markets-are-headed-in-opposite-directions","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/toronto-vancouvers-housing-markets-are-headed-in-opposite-directions\/","title":{"rendered":"Toronto &#038; Vancouver&#8217;s Housing Markets are Headed in Opposite Directions"},"content":{"rendered":"<p style=\"text-align: justify;\">In recent years, activity in Toronto and Vancouver\u2019s housing markets has tended to move in the same direction. But according to one economist, that has started to change.<\/p>\n<p style=\"text-align: justify;\">The two cities\u2019 home resale numbers went in opposite directions last month, writes RBC senior economist Robert Hogue, in a recent note.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Toronto Real Estate Board (TREB) [has] reported the first year-over-year increase [in home resales] (2.4%) since March 2017,\u201d he writes. \u201cThis contrasted with Vancouver-area resales falling for a fifth consecutive month by 37.7%.\u201d<\/p>\n<p style=\"text-align: justify;\">The Toronto increase in sales could indicate that the market is finally adjusting to the effects of a new mortgage stress test, while Vancouver may still be in what Hogue calls \u201cadjustment mode.\u201d<\/p>\n<p style=\"text-align: justify;\">Month-over-month sales in both cities follow a similar pattern, with a 17.6% increase in Toronto and a 2% decrease in Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cQuite noteworthy was the fact that activity picked up in Toronto\u2019s detached home segment following a year-long string of precipitous declines,\u201d writes Hogue. \u201cIn Vancouver, all segments fell sharply with detached homes leading the way with a 42% plunge relative to a year ago.\u201d<\/p>\n<p style=\"text-align: justify;\">When it comes to prices, Hogue writes that Toronto and Vancouver went in the same direction \u2014 sideways.<\/p>\n<p style=\"text-align: justify;\">\u201cAggregate benchmark prices were effectively unchanged from May in both markets,\u201d he writes. \u201cThis resulted in an easing in the year-over-year rate of decline in Toronto from \u20135.4% in May to \u20134.6% in June, as well as an easing in the rate of annual increase in Vancouver from 11.5% to 9.5%.\u201d<\/p>\n<p style=\"text-align: justify;\">Still, despite the relatively flat prices, Hogue notes that affordability in both markets deteriorated last quarter.<\/p>\n<p style=\"text-align: justify;\">\u201cSome of Canada\u2019s priciest markets are very sensitive to interest rate hikes, which affect ownership costs as mortgage rates also rise,\u201d he told Livabl last week.<\/p>\n<p style=\"text-align: justify;\">The overnight rate, which affects mortgage rates, currently sits at 1.25%, after a 25 basis point hike in January. The Bank of Canada is widely expected to hike it again before the end of the year, possibly as early as next week.<\/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 said. \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\/toronto-vancouvers-housing-markets-headed-opposite-directions-rbc.html\" target=\"_blank\" rel=\"noopener\">RBC : Toronto &amp; Vancouver&#8217;s Housing Markets are Headed in Opposite Directions<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent years, activity in Toronto and Vancouver\u2019s housing markets has tended to move in the same direction. But according to one economist, that has started to change. The two &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/toronto-vancouvers-housing-markets-are-headed-in-opposite-directions\/\">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-9764","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>Toronto &amp; Vancouver&#039;s Housing Markets are Headed in Opposite Directions &#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\/toronto-vancouvers-housing-markets-are-headed-in-opposite-directions\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Toronto &amp; Vancouver&#039;s Housing Markets are Headed in Opposite Directions &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"In recent years, activity in Toronto and Vancouver\u2019s housing markets has tended to move in the same direction. 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