{"id":9886,"date":"2018-08-01T10:10:49","date_gmt":"2018-08-01T17:10:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9886"},"modified":"2018-07-20T10:45:59","modified_gmt":"2018-07-20T17:45:59","slug":"canadian-housing-market-shows-further-signs-of-stability","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/canadian-housing-market-shows-further-signs-of-stability\/","title":{"rendered":"Canadian Housing Market Shows Further Signs of Stability"},"content":{"rendered":"<p style=\"text-align: justify;\">It took the Canadian housing market five months to adjust to a new mortgage stress test, but it seems as though June may have been the month it finally did.<\/p>\n<p style=\"text-align: justify;\">\u201cMany Canadian housing markets showed further signs of stabilization in June,\u201d writes RBC senior economist Josh Nye, in a recent note. \u201cUnit sales rose 4.1% from the previous month, the first substantial increase so far this year.\u201d<\/p>\n<p style=\"text-align: justify;\">Nye admits that trends remain mixed at a local level, with the GTA seeing a strong uptick in activity, while BC recorded its sixth consecutive drop in sales. He also notes that just because many industry players expect the market to continue to heat up, doesn\u2019t mean it will.<\/p>\n<p style=\"text-align: justify;\">\u201cIn the past we\u2019ve seen these types of policy changes simply suppress activity for several months before conditions heat up again,\u201d writes Nye. \u201cBut we don\u2019t think that will be the case this time around.\u201d<\/p>\n<p style=\"text-align: justify;\">That\u2019s because the new mortgage stress test will make it harder than ever before for would-be buyers to enter the market. That, combined with a rising interest rate environment, could continue to put a serious damper on activity.<\/p>\n<p style=\"text-align: justify;\">\u201cThe period when homebuyers could count on flat or lower borrowing costs has come to an end,\u201d writes Nye. \u201cWe still expect resales will firm slightly over the second half of this year, though rising rates and poor affordability mean June\u2019s jump in resales isn\u2019t likely to be repeated.\u201d<\/p>\n<p style=\"text-align: justify;\">Nye forecasts that home sales will come in at 456,700 units for 2018 as a whole, down 10% from last year\u2019s record pace. As the market continues to balance out, price growth will likely slow as well.<\/p>\n<p style=\"text-align: justify;\">\u201cThe MLS benchmark price was up just 0.9% from last June, with the year-over-year rate having slowed each month since April 2017\u2019s record pace,\u201d writes Nye. \u201cWith monthly price movements starting to level off, June might represent the near-term bottom for annual price gains.\u201d<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/07\/canadian-housing-market-shows-signs-stability-rbc.html\" target=\"_blank\" rel=\"noopener\">RBC : Canadian Housing Market Shows Further Signs of Stability<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It took the Canadian housing market five months to adjust to a new mortgage stress test, but it seems as though June may have been the month it finally did. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/canadian-housing-market-shows-further-signs-of-stability\/\">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-9886","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Housing Market Shows Further Signs of Stability &#8226; 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