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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





24 July 2019

What to expect from Ontario real estate market in 2021?

During the next three years, Ontario’s real estate market is expected to grow, although quite modestly.

“Population growth remains strong and is expected to continue the trend, as even though the real estate market is relatively unaffordable in the area, the economy keeps attracting people for work and education, especially in urban centres,” - noted Edgard Navarrette from Central 1.

According to him, Windsor, London, Thunder Bay, and even Ottawa will benefit from the First-Time Home Buyer Incentive introduced by the CMHC, as they remain quite affordable. Meanwhile, the program will hardly help buyers in the Greater Golden Horseshoe with prices there reaching record high levels.

There are also certain issues on the horizon, including B-20 rules, which keep affecting buyers negatively in the Greater Toronto and Hamilton Area, where the First-Time Home Buyer Incentive will be almost useless.

“One of the reason this program has been introduced is to help people purchase higher-density housing. Nevertheless, the program starting in September will only raise the demand for affordable condos and push prices higher, leading to bidding wars”, - warned Navarrette. “People will have to drive further to find a property that doesn’t exceed their budget”.

Another factor that could affect the national economy is the trade war between China and the United States.

“In our opinion, Canada’s economy will slow down slightly during the next few years”, - he noted. “We’re not heading towards the negative growth, but it will be moderate because of our trading partners. The U.S. has taken protectionist measures, which may slow down their economy, the global economy, and ours as well. It will influence consumer and business confidence, business investment and spending on large purchases”.

The forecast also says homeownership will go up between 2019 and 2021, although not all real estate types will show growth, restrained by tight lending conditions and a slowing economy. The First-Time Home Buyer Incentive will provide small growth, and the construction sector will show weak gains in 2021, followed by better results.

 

 

 

 

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