Seller’s market expected in 2020, prices to rise 3%
The North Bay housing market is currently in seller’s territory, and these conditions are expected to continue in 2020 as well. The RE/MAX average residential sale price expectation for North Bay in 2020 is a three-per-cent increase, due to decreasing inventory and buyers moving in from larger markets, driving prices up.
North Bay is experiencing a shortage of inventory, currently standing at two months. Affordability continues to be a concern for North Bay homebuyers, due to federal regulations and the stress test having a continued impact for some buyers including first-timers and move-up buyers.
The growing investment and recreational markets are expected to have an impact on the market in 2020, along with a rising trend of retirees purchasing waterfront properties in the region.
The need for improved walkability and the recent approval of secondary units are expected to have the biggest impact on the housing market in 2020. Move-up buyers are expected to drive demand in 2020, especially as investment and recreational properties continue to grow in popularity.
The hottest North Bay neighbourhoods in 2020 will be Central, Ferris and Widdifield.
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.