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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


4 November 2019

What to expect from Canada’s real estate market in 2020?

Recently, Canada Mortgage and Housing Corporation (CMHC) released the largest available forecast for the national real estate market trends in 2020.

According to CMHC, the following tendencies will affect the market mostly during the next two years:

1. Home sales will raise their pace in 2020 and 2021

Following a peak in 2016, home sales started falling in 2017 and kept the direction in 2018. This year, the trend is probably the same, says CMHC. However, we may face a sharp change soon, as sales increases are expected to continue in the main markets of Ontario and British Columbia mostly due disposable income increases in these provinces, exceeding the national average.

Another reason is strong demographic demand for real estate.

2. Following a drop in 2019, home prices will start growing

Just like in case of sales, Canadian housing price growth has faced a significant hit during the previous two years. At the same time, the decrease was not as strong as with sales, that’s why the recovery will be faster. In CMHC’s opinion, unlike home sales, the growth drivers for home prices in 2020 will be Ontario and Quebec.

3. New home construction will not gain pace, but is still expected to stabilize

In 2017, home building reached a 10-year high, but has been falling since that moment. CMHC says the total number of home starts in 2019 is about the same it predicts for 2020 and 2021. It coincides with the historical average numbers. The economic forecast for Canada is optimistic for the next few years, so builders will be motivated to increase the construction pace. Nevertheless, CMHC says household formation will slow during that period, that’s why the strong labour market and income gain will not have such a strong influence as could.



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