Niagara among surging markets in 2020
December 02, 2019
With a 13 per cent surge in average home prices this year, Ontario’s Niagara region is representative of a much stronger housing market in the Greater Toronto Area (GTA) in 2020, according to a fresh forecast from
Re/Max real estate.
“Lower unemployment rates, economic growth and improved overall affordability in the GTA are expected to drive the market forward,” according to Re/Max’s outlook for next year, released November 28.
Average home prices in the region are expected to increase 6 per cent in 2020 from the $766,236 average this year.
The city of Toronto is seeing high new home construction levels, but the new supply will fall short of the demand, the real estate agency cautions.
Ottawa and Windsor are seller’s markets, showing substantial increases in average residential sale price at 11.7 and 11 per cent, respectively, this year as compared to 2018. This strong growth is expected to continue into 2020, Re/Max forecasts.
The Niagara region has seen average residential sale price increasing almost 13 per cent from 2018 to $427,487 in 2019.
“Value-conscious consumers from the Greater Toronto Area are buying in droves, with many choosing to live in the region while commuting to Toronto. Southern Ontario is witnessing some incredibly strong price appreciation, with many regions still seeing double-digit gains,” said Christopher Alexander, executive vice-president and regional director Ontario-Atlantic Canada for Re/Max, which he credited to “a staggering” population growth and relentless development.
“The 2020 market looks very optimistic,” Alexander said.
Re/Max is also bullish on the national market, forecasting a 3.7 per cent increase in the average Canadian home price in 2020.