Seller’s market expected in 2020, prices to rise 4%
The RE/MAX Cornwall housing market outlook for 2020 is expected to sit in seller’s territory, with the average residential sale price expected to increase four per cent. The anticipated price growth is attributed to the affordability of single-family homes here, which continue to attract homebuyers to the Cornwall housing market.
With a healthy market throughout 2019, the Cornwall market will continue attracting both first-time homebuyers and retirees/downsizers looking for single-family homes. The number of days on market is expected to increase due to an uptick in average residential sale price over the last year.
Detached homes saw the greatest activity in Cornwall throughout 2019, attracting many first-time homebuyers with their affordable prices. Young families seek starter homes in Cornwall, with the intention of building equity and starting a family.
The most influential factors that will impact housing market activity in 2020 include low inventory and move-up buyers waiting to sell their homes due to the lack of higher-end properties to move up to in the region.
The top neighbourhoods in Cornwall for sales include Riverdale, Eamer’s Corner and Clement Court.
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.
Most individual markets surveyed across Canada experienced moderate price increases year-over-year from 2018 to 2019. However, some regions in Ontario continue to experience higher-than-normal gains, including London (+10.7 per cent), Windsor (+11 per cent), Ottawa (+11.7 per cent) and Niagara (+12.9 per cent).
“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”
Click to read the full RE/MAX 2020 Housing Market Outlook Report.