{"id":612,"date":"2020-12-02T17:35:07","date_gmt":"2020-12-02T17:35:07","guid":{"rendered":"http:\/\/blueprintmanagement.ca\/blog\/?p=612"},"modified":"2021-01-08T19:27:11","modified_gmt":"2021-01-08T19:27:11","slug":"canada-real-estate-rbc-economics-reports-condo-listings-on-the-rise-as-investors-look-to-sell","status":"publish","type":"post","link":"https:\/\/blueprintmanagement.ca\/blog\/canada-real-estate-rbc-economics-reports-condo-listings-on-the-rise-as-investors-look-to-sell\/","title":{"rendered":"Canada Real Estate: Rbc Economics Reports Condo Listings On The Rise As Investors Look To Sell"},"content":{"rendered":"\n

Canada <\/a>real estate<\/a>: RBC Economics reports condo listings on the rise as investors look to sell<\/p>\n\n\n\n

RBC Economics reported on October 15 that condo prices have \u201cstagnated over the past six months\u201d.<\/p>\n\n\n\n

Previous to this, the bank\u2019s economics section on September 30 predicted that condo prices could \u201cweaken in larger markets next year\u201d.<\/p>\n\n\n\n

Another thing is happening as well with the condo market in Canada.<\/p>\n\n\n\n

In its latest housing report, RBC Economics noted that the real-estate market is awash with condo supply.<\/p>\n\n\n\n

However, for the rest of the Greater Montreal area, listings declined 32.8 percent year-over-year.<\/p>\n\n\n\n

In Greater Vancouver, listings of condo properties rose 20.9 percent in September 2020 compared to the same month last year.<\/p>\n\n\n\n

In contrast, listings for detached homes in all Toronto, Montreal, and Vancouver metropolitan regions decreased year-over-year in September.<\/p>\n\n\n\n

\u201cNew, stricter regulations in Toronto are adding to the impulse to sell \u2013 at a time when new condo completions are bringing more units to the Toronto and Vancouver markets,\u201d Hogue noted in his October 29 report.<\/p>\n\n\n\n

Hogue\u2019s report covered in broad strokes how the COVID-19 pandemic is affecting the Canadian housing market.<\/p>\n\n\n\n

\u201cRural and suburban areas that once lagged desirable city addresses are now roaring hot as homebuyers wearied by lockdowns seek bigger yards and larger living spaces,\u201d Hogue wrote.<\/p>\n\n\n\n

Meanwhile, \u201cTight downtown condo markets that previously commanded expensive rents are now thick with supply.\u201d<\/p>\n\n\n\n

Hogue also stated that \u201crent is now declining in Toronto, Montreal and Vancouver, especially in higher density, downtown locations\u201d.<\/p>\n\n\n\n

\u201cUnderlying the shift,\u201d according to the bank economist is a \u201csurge in rental supply as the short-term rental business dries up and new purpose-built rental and condo units are completed\u201d.<\/p>\n\n\n\n

As well, \u201cBig-city living has lost some of its luster with social distancing measures severely restricting cultural life and socializing opportunities.\u201d<\/p>\n\n\n\n

\u201cMeantime, affordability issues are driving many Canadians further afield into smaller towns and cottage country, where larger living spaces are available,\u201d Hogue wrote.<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada real estate: RBC Economics reports condo listings on the rise as investors look to sell RBC Economics reported on October 15 that condo prices have \u201cstagnated over the past six months\u201d. Previous to this, the bank\u2019s economics section on September 30 predicted that condo prices could \u201cweaken in larger markets next year\u201d. Another thing […]<\/p>\n","protected":false},"author":1,"featured_media":613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[48,54,46,44,59],"tags":[],"class_list":["post-612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-condo-living","category-lifestyle","category-news","category-real-estate-news"],"yoast_head":"\nCanada Real Estate: Rbc Economics Reports Condo Listings On The Rise<\/title>\n<meta name=\"description\" content=\"Canada Real Estate: Rbc Economics Reports Condo Listings On The Rise As Investors Look To Sell\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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