Balanced market conditions expected for 2020, prices to increase 4%
RE/MAX is predicting balanced conditions for the Saint John housing market in 2020, with average price expected to increase by four per cent next year, thanks to a healthy and steady housing market. Sales prices will continue to increase at a reasonable rate, and market balance should continue, provided that housing inventory continues to be available in 2020.
Affordability is not a concern in Saint John, which is not the case for many of Canada’s housing markets. As a result, more buyers than ever are flocking to the region, attracted by its affordability and liveability factors. This is anticipated to prevail in 2020. Move-up, foreign, first-time and move-over buyers are expected to continue to propel the Saint John housing market next year.
The neighbourhoods of Rothesay, Quispamsis, Millidgeville are especially popular and ones to watch in 2020, in high demand thanks to their proximity to community services like the hospital.
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.