Healthy Price Increases Are Expected Next Year
The housing market outlook for 2020 indicates a healthy price increase of 3.7% in the average residential sale price. REMAX has called for a levelling out of the high and lows that have characterized the Canadian real estate market in 2019.
It was also reported that in some regions in Ontario that they continue to experience higher than normal gains. London reported an increase of 10.7%, Windsor saw an 11% increase and Ottawa reported an 11.7% increase. You can take a look at the chart below to see each region in Canada.
Ontario Real Estate Market
Let’s now focus on the Ontario Real Estate Market in 2019 and what we can expect in 2020. Toronto is expected to see a strong market in 2020. With lower unemployment rates, economic growth and an overall improved affordability in the GTA. It’s expected to drive the market forward.
The estimated average sale price is expected to increase by 6% in 2020. Meaning it’s 2 points higher than the growth that was experienced in 2018 and 2019. Ottawa and Windsor have been a sellers market and that’s expected to continue in 2020.
With Windsors affordability, the area has been attracting young professionals and buyers. Buyers from Toronto are moving toward Burlington-Hamilton and surrounding areas.
“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions still seeing double-digit gains. Thanks to the regions resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.” – Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada.
Hamilton-Burlington Real Estate Market
The Hamilton-Burlington area is currently experiencing a sellers market. And with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. It has been reported that the buyers have adjusted to the mortgage stress test. As a result, they have found other ways to finance their home purchases.
Burlington has had a development freeze downtown which has delayed anything further. In November 2019 Burlington saw 230 new listings with an average property increasing by 9% at $787,957. And Hamilton’s industrial sector has picked back up and the economy is expected to be positively impacted in 2020.
We cant forget to mention the GO Train service that has been extended. Because of this GTA buyers are expected to impact the market. Since the Hamilton-Burlington area provides more affordable options, this means the market will be impacted in a great way in 2020.
The hottest neighbourhoods in Burlington for 2020 are Brant Hills, Central and The Orchard. And the hottest neighbourhoods in Hamilton for 2020 are Leckie Park, Waterdown West and Forty Point.
Contact Lori VanDinther Today
Have you been thinking that it might be time to move? Lori and Kim are ready to help you find the home you’ve been dreaming of, contact them today and get started.
Don’t forget to try our What’s My Home Worth calculator and see what your home is worth right now. And if you have any questions about the Real Estate Market for 2020 they’ll be more than happy to review them with you.