{"id":191172,"date":"2019-04-04T08:00:34","date_gmt":"2019-04-04T12:00:34","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=191172"},"modified":"2019-04-03T18:32:15","modified_gmt":"2019-04-03T22:32:15","slug":"canadas-housing-market-hangover","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/archives\/canadas-housing-market-hangover","title":{"rendered":"Canada’s housing market has a ‘hangover,’ and it won’t be cured this year"},"content":{"rendered":"

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Photo:\u00a0Ipshita B\/Flickr<\/a><\/em><\/p>\n

It\u2019s the kind of hangover no amount of water or rest can remedy.<\/p>\n

Canada\u2019s housing market is feeling the \u201changover\u201d effects from last year\u2019s correction, says the CEO of a major Canadian real estate company \u2014 and it\u2019s likely going to continue suffering through 2019.<\/p>\n

“We are expecting this to be a sluggish year overall in Canada’s residential real estate market, with the hangover from the 2018 market correction and weaker economic growth acting as a drag on home price appreciation, balanced by lower for longer interest rates,” says Phil Soper, president and CEO of Royal LePage, in the company\u2019s House Price Survey, published today.<\/p>\n\n

\u201cThere is a silver living here. The slowdown gives buyers, and first-time buyers in particular, an opportunity to buy real estate in our country\u2019s largest cities,\u201d Soper continues.<\/p>\n

One of Canada\u2019s biggest banks noted last month<\/a> that Canadian housing affordability was improving for the first time in more than three years, and Royal LePage is calling for \u201crelatively flat\u201d home prices this spring, with close to half of the regions surveyed anticipated to see quarterly price declines.<\/p>\n

\"\"<\/a><\/p>\n

Greater Vancouver home prices are forecast to decline 1.4 percent in the second quarter on the heels of the slowest March for sales activity in a generation. That is the deepest expected drop of any of the nine major markets included in the survey forecast.<\/p>\n

\u201cThe Greater Vancouver area remains one of the most desirable places to live in the world. Population growth is driving household formation and employment levels high. Yet policy intervention has induced a drop in home sales to levels not seen in three decades,\u201d says Soper in the report, echoing comments the Real Estate Board of Greater Vancouver issued this week.<\/p>\n

Regina follows with a 1.2 percent decline, while the battle-worn Calgary and Edmonton are projected to see prices fall by 0.5 percent and 0.4 percent, respectively, as the region still struggles to rebound in an era of off-peak oil prices even amid recent gains.<\/p>\n

Royal LePage is calling for Ottawa to be the hottest market this spring at quarterly price growth of 2.8 percent, besting Montreal, where gains of 1.6 percent have been pencilled in. Both markets were recently flagged for overheating.<\/p>\n

The Toronto market has been on a roll, and Royal LePage doesn\u2019t foresee stopping future growth in the coming months. \u201cThe City of Toronto is still one of Canada\u2019s fastest appreciating real estate markets,\u201d says Soper. Toronto area prices should rise 0.5 percent this quarter, according to Royal LePage.<\/p>\n

Soper suggests that \u201cthe medium-term outlook for housing remains very positive,\u201d citing full-time job creation. \u201cFull-time employment turns renters into buyers,\u201d he explains.<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

It\u2019s the kind of hangover no amount of water or rest can remedy. <\/p>\n","protected":false},"author":23,"featured_media":191173,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2019-04-04T12:00:56Z","apple_news_api_id":"d009d8c4-30db-4ce0-9b2c-f682ffae4a82","apple_news_api_modified_at":"2019-04-04T12:00:58Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/A0AnYxDDbTOCbLPaC_65Kgg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[8692],"apple_news_notices":[],"yoast_head":"\nCanada's 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