As we say goodbye to 2019 and hello to 2020, home prices are expected to increase in the new year.
After a disappointing 2018, when housing prices and sales declined, 2019 has been a year of resilience for housing markets across most of Canada. Not only did sales numbers stabilize and resume an upward climb, but prices also demonstrated some strength.
As we move closer to 2020, those involved with the real estate industry and the million-plus Canadian households who are likely to buy or sell a residential property in the next year are wondering whether things will continue to improve in the year ahead, or if there is more trouble in store.
The good news is that a review of the forecasts by leading real estate experts in Canada points to a recovery in 2020. The Canadian Real Estate Association (CREA) estimates the national home sales to reach 530,000 units in 2020, an 8.9 per cent increase over the total expected for 2019. CREA also expects the national average price to hit $531,000 in 2020, a 6.2 per cent increase.
As a result of this, the aggregate price of a home in the GTA is forecast to increase 4.75% year-over-year in 2020, rising to $883,700.
Inventory is critically low right now and it is possible that we could see a return to accelerating high price appreciation in the near term without new supply becoming available for spring market....
The RE/MAX Canadian housing market outlook for 2020 has been released. The projected forecast for 2020 is an average of 5-6% in housing appreciation across all residential real estate market segments within the GTA.
Some notable points:
– Milton, Oakville, and Mississauga are likely to experience a 5% increase in home values.
– Toronto is positioned for a 6% increase.
For more info visit: https://blog.remax.ca/canadian-housing-market-outlook/
Call me today to discuss an action plan to get you every dollar you deserve in selling your home in today's market!!