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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





2 January 2020

Ontario and British Columbia are expected to begin a new year with strong market activity

The recent report by Zoocasa says the best market growth this year could be seen in the real estate markets of British Columbia and Ontario.

Based on the latest data pointing to strong mortgage borrowing in both provinces, more housing transactions are expected in their biggest urban markets, especially when it comes to BC, as it rebounds from the consequences of foreign buyer and non-resident speculation taxes.

According to CMHC, the sales activity in British Columbia will rise by as much as 20% to 22.6% in 2020, which represents 74,600 to 84,000 deals. Home prices may go up by 2.8% to 3.6%, at an average of $675,000 – $749,500.

At the same time, Ontario sales are expected to rise by 4.2% to 7.3%, or by 204,200 to 213,800 units. Real estate prices will probably show a gain by 5.4% to 6.5%, at an average of $614,000 – $633,700.

Overall, such forecasts point to a tendency of a strong Canadian market’s recovery from the volatile 2016 – 2018 period.

“Following about two years of weaker sales and price growth after the implementation of the federal mortgage stress test and provincial policies in Ontario and British Columbia, the housing demand started recovering in the second half of 2019,” - Zoocasa noted.

“Canada’s biggest urban centres, for instance the Greater Toronto Area and Greater Vancouver, as well as the strongest secondary markets, began to face significant demand rebounds caused by several factors, including lower interest rates. In addition to it, a central bank’s wait-and-see position together with a strong bond market have kept the consumer cost of borrowing at extremely low level in 2019”.

 

 

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