Balanced market expected, prices to remain steady in 2020
RE/MAX is predicting balanced conditions and steady residential prices for the Charlottetown housing market in 2020. Charlottetown experienced a balanced housing market in 2019 as well. The cessation of the Provincial Nominee Program has helped correct the market and led to slower activity from foreign buyers. Housing affordability was a concern for first-time buyers in the region, with many getting pushed out of the downtown core.
First-time buyers and move-up buyers propelled the Charlottetown housing market in 2019. The top neighbourhoods for sales include West Royalty, Stonington and Primrose Point.
New housing developments and subdivisions should boost market activity in the region, with the East Royalty neighbourhood expected to see high demand in 2020.
From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price, according to the RE/MAX 2020 Housing Market Outlook Report.
In Atlantic Canada, Halifax and Saint John have experienced solid price appreciation of six and five per cent, respectively. Affordability continues to attract many buyers in the region, most of whom are buying single-detached homes. At the same time, the region’s condominium market is being driven by retirees. Conversely, the market in St. John’s is expected to recover in 2020, with increased consumer confidence expected to stabilize the market. However, the city’s aging population and high rate of outbound migration is expected to have an impact on housing market activity at some point.
Click to read the full RE/MAX 2020 Housing Market Outlook Report.