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07 Dec 2019

Ontario's Real Estate Market Trends: 2019 In Review & 2020 Forecast Featured

2019 has been a good year overall for the real estate market in Ontario and the new year seems to be looking even more prosperous.

This year, the average cost of resale homes (condos and houses) in Toronto is around $812,210, with the current sale prices of properties being around $880,841.

The increase in employment and the economy are large contributors to this high value, along with lower interest rates.

Brampton and Mississauga were extreme hot pockets, described as ‘sizzling’ by the Toronto Real Estate Board, thanks to the shortage of housing and high competition and the construction of the Hurontario LRT which makes living in those areas more accessible.

Niagara is also thriving in the real estate market. Over the past few years, there has been huge interest in the region. The area has experienced the biggest percentage price jump of any local market in Canada. Prices in Niagara have risen 13% between 2018 and 2019.

In addition to being within commuting distance of the GTA, Niagara is popular with GTA retirees. The extension and expansion of the GO Transit service into the Niagara Region‘s hot housing market is also having a major impact on pricing. So, it’s no surprise that housing prices in Niagara are expected to rise 7% in 2020.

Home prices in London, Ottawa, and Windsor are also forecasted to see increases of 5%, 6% and 9% respectively. This more moderate growth comes after those areas previously experienced double digit gains.

Many people who want to have the urban lifestyle and have access to big city amenities are looking at different parts of the province that offer these features without the skyhigh Toronto prices. With that being said, there are still more people moving into Toronto than there are leaving.

This months market forecast for Toronto predicts a 6% real estate increase in the coming year. A 5% increase is forecasted in Oakville, Mississauga and Brampton, and 3% in Durham Region.

Kandice Henry is a Real Estate agent with iPro Realty LTD. She has been in the Real Estate field for over 10 years.
Her hands-on knowledge began when she purchased, flipped, and leased her own properties. Five years ago she began her career as an agent and has had much success helping clients buy and sell in both the residential and commercial sectors. She is a hard-working agent who truly cares about finding the perfect fit for her clients. Kandice's resourcefulness lends to her full, experienced team behind her that is ready to help you close your next lease or purchase.

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.

Read 633 times Last modified on Tuesday, 17 December 2019 21:47
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