{"id":9859,"date":"2018-07-30T10:10:46","date_gmt":"2018-07-30T17:10:46","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9859"},"modified":"2018-07-17T15:19:29","modified_gmt":"2018-07-17T22:19:29","slug":"a-modest-recovery-in-canadas-housing-market-in-the-coming-months","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/a-modest-recovery-in-canadas-housing-market-in-the-coming-months\/","title":{"rendered":"A Modest Recovery in Canada’s Housing Market in the Coming Months"},"content":{"rendered":"

It was a slow spring for Canada\u2019s housing market but economists are expecting activity to gradually pick up in the coming months.<\/p>\n

In June, national existing home sales rose 4.1% from May \u2014 the first substantial increase so far this year, according to latest data from the Canadian Real Estate Association (CREA).<\/p>\n

National home sales have been on a downward spiral since January when a new mortgage stress test was introduced by the Office of the Superintendent of Financial Institutions (OSFI). But, after six months of the stricter regulations, activity is expected to pick up steam.<\/p>\n

\u201cWe think we can still see some increases over the second half of this year from where we are right now, but we\u2019re not expecting a significant rebound,\u201d RBC Senior Economist Josh Nye tells Livabl.<\/p>\n

Nye is quick to add that although sales are expected to grow slightly on a monthly basis, the market likely won\u2019t experience the same growth it saw in June.<\/p>\n

\u201cThat\u2019s quite a strong monthly increase, not something that we expect will continue going forward, especially with these dampening factors like higher interest rates and regulatory changes.\u201d<\/p>\n

In a recent note, TD Bank Economist Ksenia Bushmeneva shares the same sentiment writing that, overall, the effect of the stress test on the housing market appears to be waning.<\/p>\n

\u201cHistorically, the impact of policy changes is swift but short-lived, and it seems that housing market is once again finding its footing. We expect that resale activity hit its trough in Q2 and will begin to gradually recover thereafter,\u201d writes Bushmeneva.<\/p>\n

Although sales are expected to pick up in the near term, RBC predicts that at the end of 2018, national sales will decline by 11.5% from last year\u2019s pace.<\/p>\n

Nye attributes the drop in sales to continued downward pressure on the market from the mortgage regulations, along with other housing headwinds.<\/p>\n

\u201c[I]n addition to this regulatory change, you\u2019ve got rising interest rates that are going to impact affordability and make buying a bit more difficult for some people,\u201d says Nye.<\/p>\n

As for national home prices, the actual (not seasonally adjusted) average price for a home in June was just under $496,000, down 1.3% from a year ago, says CREA.<\/p>\n

With the market returning to more balanced conditions, Nye expects prices to stabilize over the second half of the year resulting in a 1.8% year-over-year price increase from 2017.<\/p>\n

These Economists Expect A Modest Recovery in Canada’s Housing Market This Year<\/a> by Kerrisa Wilson | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

It was a slow spring for Canada\u2019s housing market but economists are expecting activity to gradually pick up in the coming months. In June, national existing home sales rose 4.1% … [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-9859","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nA Modest Recovery in Canada's Housing Market in the Coming Months • 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=\"http:\/\/www.roryc.ca\/blog\/2018\/07\/a-modest-recovery-in-canadas-housing-market-in-the-coming-months\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Modest Recovery in Canada's Housing Market in the Coming Months • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It was a slow spring for Canada\u2019s housing market but economists are expecting activity to gradually pick up in the coming months. 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