With one month left in 2019, the folks at ReMax have weighed in with their projections for Canadian housing markets in 2020.
As has been the case for about four years, it’s a tale of many cities.
Overall, on a nation-wide basis, ReMax expects a leveling out of the high and lows that earmarked 2019, particularly in Vancouver and Toronto. The stress test introduced almost two years ago initially took the steam out of these red hot markets, however, the Toronto market was quick to recover and Vancouver looks to be rebounding now, as well. As we move into 2020, ReMax is estimating a 3.7 percent increase in the average national home price.
“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,” says ReMax,. “A recent Leger survey conducted by ReMax found that 51 percent of Canadians are considering buying a property in the next five years, especially those under the age of 45.”
Prairie cities didn’t see the highs and lows experienced in the Big Smoke or the Left Coast.