Balanced market to prevail, prices to rise 5%
RE/MAX is forecasting continuing balanced conditions for the Oakville housing market in 2020, which is expected to prevail in 2020 due to no economic changes. The average residential sale price is expected to rise by five per cent. The anticipated price increase is being attributed to low inventory and a strong buyer pool in the region.
Currently there are three months of inventory in the Oakville housing market, but as we move into 2020 this should increase.
Move-up homebuyers will continue to drive demand for homes in 2020. There is no single “hot neighbourhood” in Oakville that is selling faster than others. This market consistency is expected to continue in 2020.
Oakville’s luxury housing market continues to thrive, with home sales being propelled by move-up and out-of-area buyers. Growth of this property segment is expected to continue in 2020 due to the high liveability of the region and the continuing trend of migration from urban city centres such as Toronto, into suburban cities like Oakville.
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.”