Homes and Condo Mississauga

RE/MAX 2019 Housing Market Outlook


British Columbia
Reduced activity from foreign buyers has created more opportunities for local buyers in the Greater Vancouver condom market. While average house prices for all properties rose by two percent, from $ 1,030,829 in 2017 to $ 1,049,362 in 2018, the number of sales fell by 30 percent. The low absorption rate is expected to lower the average selling prices for homes by three percent in 2019

. Similarly, the number of sales on an annual basis dropped by 33 percent in Kelowna. Rising interest rates, government policy changes and the mortgage stress test were all factors that contributed to the decline, which is expected to continue until 2019. Average home sales prices increased year on year from $ 674,930 in 2017 to $ 718,915 in 2018, the prices are expected to fall by three percent in 2019.

The decline in the major British Columbia markets can be partly attributed to the increasing problems faced by Canadians in getting an affordable mortgage in the region, "says Elton Ash, Regional Executive Vice President, RE / MAX of West Canada. "The situation created by the introduction of the mortgage stress test this year, as well as the constantly increasing interest rates, means that more Canadians will be priced out of the market.

Prairies
Slowing economic conditions in Alberta have contributed to a fall in average home sales prices in Edmonton from $ 393,003 in 2017 to $ 379,539 in 2018. Although the economic recovery is expected to take some time, the luxury market flourishes, with potential investors in cannabis and migrant speculators managing this new segment. In the meantime, the market in Calgary is expected to remain relatively flat in 2019 due to its dependence on the oil and gas industry and further hurdles to real estate, such as the mortgage stress test.

Conversely, Winnipeg has shown a moderate increase in average housing status. sales price, rising from $ 315,720 in 2017 to $ 323,001 in 2018. Looking ahead to 2019, prices are expected to continue with this upward trajectory, with an expected increase of four percent. Although the older population is shrinking, immigration to Winnipeg from urban centers such as Toronto and Vancouver (each year moving 15,000 people to Manitoba) will bring sales to 2019. In Saskatchewan, both Regina and Saskatoon have experienced a buyer's market that will gain the upper hand in 2019.

Ontario
In Toronto, rising interest rates and mortgage testing were the two main factors affecting market activity over the past year, with average sales prices down four percent from $ 822,572 in 2017 to $ 789,181 in 2018, and unit sales by 16 percent. Lack of affordability in the single-detached segment makes it difficult for buyers who want to enter the free market. The market for resale flat buildings, on the other hand, now represents almost 37 percent of total home sales, while their relative affordability benefits the increase in vertical growth. The average selling price of homes is expected to rise by two percent in 2019.

Communities such as Ottawa and London are sales markets, which show an increase in the average sales price of homes. This trend is expected to continue until 2019, but rising interest rates and the stress test continue to make it difficult for potential buyers in other communities in Ontario, including Barrie, Oakville and Durham regions.

Because of the stress test and rising interest rates, we see that more buyers in traditionally affordable regions in Ontario are not able to enter the market, "said Christopher Alexander, Executive Vice President and Regional Director, RE / MAX from Ontario-Atlantic Canada. "This is especially true for starters and single millennials, as evidenced by cities such as Brampton, Kingston and Durham.

Atlantic Canada
In Atlantic Canada, Halifax, Saint John and St. Johns all have experienced a stable price appreciation in 2018. Detached homes are still the most requested housing types, while the aging population of the region and pensioners manage the condominium market. The economic slowdown and the drop in oil prices in St. John's led to a buyer's market, but the business is expected to pick up again in the second half of 2019.

The RE / MAX 2019 average forecast for the sale of residential properties in Canada is a 1.7 percent increase.

Main findings of the RE / MAX 2019 Canadian housing market Outlook Omnibus survey

Thirty-six percent of Canadians are considering buying a home in the next five years. This is a decrease of 48 percent at the same time last year. The decrease is attributed to the actual and perceived impact of the mortgage test and the rising interest on the affordability of housing. Thirty-one percent of respondents said that higher interest rates have not affected their ability to have an affordable mortgage so far, but the risk of future rate hikes, as reported by brokers and RE / MAX agents, could affect these buyers in 2019.

Liveability remains important for Canadians, with more than half wanting to live closer to green spaces, work and better access to public facilities. Despite the apparent popularity of recreational cannabis since legalization in October 2018, 65 percent of respondents said they did not want to live near a retail store in cannabis. Specific figures:

  • 52 percent of Canadians would like to live closer to green spaces
  • 47 percent would like better access to public facilities
  • 35 percent would like to live closer to work
  • 37 per cent want like to live closer to public transport
  • 35 percent wants to move to another neighborhood
  • 59 percent does not disagree at all with living near a retail cannabis store

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