{"id":9861,"date":"2018-07-20T10:10:38","date_gmt":"2018-07-20T17:10:38","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9861"},"modified":"2018-07-18T06:58:25","modified_gmt":"2018-07-18T13:58:25","slug":"the-housing-sales-will-markedly-improve-by-the-end-of-summer","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/the-housing-sales-will-markedly-improve-by-the-end-of-summer\/","title":{"rendered":"The Housing Sales will Markedly Improve by the End of Summer"},"content":{"rendered":"

Home sales in the country rose 4% in June over May, and Toronto led the charge with a whopping 17% increase.<\/p>\n

According to the Canadian Real Estate Association, Toronto has been forecasted for some time to bounce back, and while it\u2019s too early to celebrate ameliorated fortunes, the seed is sown.<\/p>\n

\u201cThe May to June increase is the first bit of evidence that it might be happening, but having said that, one month is not a trend,\u201d said Shaun Cathcart, a senior economist at CREA. \u201cThese policy changes put a lot of buyers on the sidelines for the first six months, and things are starting to rebound. It\u2019s a strong signal, but certainly not sustained at one month.\u201d<\/p>\n

Extrapolating market reactions to policy changes over the last few years, Cathcart says previous rebound timelines make things look promising.<\/p>\n

However, June sales are still a five-year low.<\/p>\n

\u201cIt depends on what months and stat you look at, but seasonally adjusted sales, we\u2019re still at one of the lowest levels in five years,\u201d said Cathcart. \u201cPart of the increase from May to June just reflects how quiet the market was in May.\u201d<\/p>\n

According to the Altus Group Housing Trend report, first-time buyers\u2019 absence from the housing market explains why the market has been languid all year. The report predicts an autumn rebound.<\/p>\n

In particular, first-time buyers have not abandoned dreams of homeownership. Rather, they\u2019ve deferred them while they save up for larger down payments, which is what an expensive market like Toronto\u2019s demands.<\/p>\n

\u201cWith all the policy changes we\u2019ve had and additional stress testing, they have knocked many first-time buyers out of the market for a while, but part of what they\u2019re doing is saving money. They\u2019ll be back,\u201d said Patricia Arsenault, vice president of research and consulting services at Altus Group.<\/p>\n

\u201cParticularly among younger renters; they\u2019re inclined to buy homes. Because of their ability at the moment, they\u2019re saving longer and tapping resources from parents to help them out, but they\u2019ll be back in the short-term. There\u2019s nothing out there that says they don\u2019t want to own homes anymore.\u201d<\/p>\n

Arsenault added that housing sales will markedly improve by the end of summer.<\/p>\n

\u201cPeople are saving for down payments,\u201d she said. \u201cSavings rates are up in Canada and that money is being used for better down payments.\u201d<\/p>\n

June Home Sales Hint at Turning Point<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

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