RE/MAX is calling for a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Toronto, as we move into 2020. As more Canadians have adjusted to the mortgage stress test and older Millennials move into their peak earning years, it is anticipated that they will drive the market in 2020, particularly single Millennials and young couples, first-time homebuyers and foreign buyers.
- Canadian real estate market to appreciate 3.7% in the average residential sale price in 2020 as per the RE/MAX Canadian Housing Market Outlook reflecting similar price growth in both condo and detached home segments.
- 51% of Canadians are considering a home purchase in the next five years, up from 36% at the same time last year.
- Low supply in the Greater Toronto Area expected to fuel home price growth in 2020. The aggregate price of a home in Canada is forecast to rise to $669,800 in 2020 while that in the Greater Toronto Area is forecast to increase 4.75 per cent year-over-year in 2020, rising to $883,700.
- The below table shows the growth in aggregate home price (actual versus forecast) in 2019 and 2020 in the Greater Toronto Area.
- Most of Canada is seeing a shift in demand from condominiums to detached houses as peak millennials, those between the ages of 26 and 32 and the largest cohort within the powerful millennial consumer demographic, seek houses to accommodate growing families.
- Growth of Toronto luxury housing market is expected to continue in 2020, with the sale of homes over $5 million rising by 8.5 per cent year-over-year.
MISSISSAUGA Real Estate Market Outlook for 2020
BRAMPTON Real Estate Market Outlook for 2020
KITCHENER-WATERLOO Real Estate Market Outlook for 2020
TORONTO Real Estate Market Outlook for 2020
Sources credit: https://blog.remax.ca/canadian-housing-market-outlook/, https://blog.remax.ca/mississauga-housing-market-outlook/, https://blog.remax.ca/toronto-housing-market-outlook/, https://blog.remax.ca/brampton-housing-market-outlook/, https://blog.remax.ca/kitchener-waterloo-housing-market-outlook/