A look into the Toronto Housing Market for 2020
Toronto is set to experience a strong housing market in 2020. The positive outlook for Canadian real estate is based on buyer demand, low interest rates and Canada’s healthy immigration.
The problem might be finding enough homes for buyers.
CREA – The Canadian Real Estate Association believes that the lack of supply we saw at the end of 2019 will be the main story for 2020, and will cause prices to rise in 2020. In certain markets like Toronto immigration and employment will lead to more pronounced increases.
One thing we can almost be sure of is the era of low mortgage rates won’t be coming to an end in 2020. In fact, we can expect the lowest rate yet. Those low mortgage rates are helping a few more buyers get into the market and that is pushing house prices to be higher.
Canada Mortgage and Housing Corporation’s (CMHC) gives a range, but the forecast is similar, predicting sales to rise by about 6 percent. It expects the average price to go up between 5.6 percent and 6.7 percent to between $506,200 and $531,000.
So all in all, no matter which way you look at it 2020 promises to be a robust real estate market and we are seeing strong indicators of this as the first month of the year comes to an end.
If you have been waiting to get your home on the market for Spring Market, don’t wait any longer — the market is here and it’s here to stay.