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We have just released our latest housing commentary entitled "New stress test really testing local housing markets in Canada in February".
Highlights of the report:
The notion that the new stress test for uninsured mortgages would slow down Canada’s housing market is getting more and more currency. After a sharp drop in January, home resale activity was weak again in February. And not just in Toronto and Vancouver. Statistics released by local real estate boards in the past few days suggest that it was a cross-Canada affair just like in January. Calgary sales plunged 18% from a year ago. Ditto in Victoria where the drop was 19%. Ottawa—which has been on a significant upswing during 2017—saw sales decline by more than 2%. Montreal recorded a 5% year-over-year gain in February but this constituted a sharp moderation from a 13% rise in January. It implies a second-straight month-to-month decline on a seasonally-adjusted basis. In most cases, price trends remain intact although there’s likely been some erosion in sellers’ bargaining position at the margin.
Link to the full report
To view, print and download the new report, click on the following link:
http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/TREB_REBGV_results_feb2018.pdf
Highlights of the report:
The notion that the new stress test for uninsured mortgages would slow down Canada’s housing market is getting more and more currency. After a sharp drop in January, home resale activity was weak again in February. And not just in Toronto and Vancouver. Statistics released by local real estate boards in the past few days suggest that it was a cross-Canada affair just like in January. Calgary sales plunged 18% from a year ago. Ditto in Victoria where the drop was 19%. Ottawa—which has been on a significant upswing during 2017—saw sales decline by more than 2%. Montreal recorded a 5% year-over-year gain in February but this constituted a sharp moderation from a 13% rise in January. It implies a second-straight month-to-month decline on a seasonally-adjusted basis. In most cases, price trends remain intact although there’s likely been some erosion in sellers’ bargaining position at the margin.
Link to the full report
To view, print and download the new report, click on the following link:
http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/TREB_REBGV_results_feb2018.pdf
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