Seller’s market expected for 2020, prices to increase 4%
The Halifax housing market is expected to sit in seller’s territory in 2020, due to low inventory. RE/MAX is expecting a four-per-cent increase in sales prices next year.
The Halifax housing market favoured sellers in 2019, and these conditions are expected to continue in 2020. Housing affordability in the region continues to attract younger buyers in search of detached homes. Halifax remains an attractive market to foreign buyers and move-over buyers who are returning to the region from other parts of Canada for cultural amenities and affordable home prices.
First-time buyers and foreign buyers drove demand in 2019, with the most in-demand neighbourhoods for sales including north-end Halifax, Clayton Park, Bedford and parts of Dartmouth.
Moving into 2020, continued population growth in the region is expected to further boost the Halifax housing market.
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, as reported in the RE/MAX 2020 Housing Market Outlook Report.
In Atlantic Canada, the Halifax and Saint John housing markets 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.