Ontario is set to experience a strong housing market in 2020.
Lower unemployment rates, economic growth and improved overall affordability in the Greater Toronto Area are expected to drive the market forward. The estimated average sale price increase for 2020 is 6%.
Oakville Housing Market Outlook: 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 5%. The anticipated price increase is being attributed to low inventory and a strong buyer pool in the region.
Hamilton-Burlington Housing Market Outlook: Seller's market to prevail in 2020, prices to increase 3.8%.
The Hamilton-Burlington housing market will favour sellers in 2020, with an average residential sale price increase of 3.8% anticipated for the region next year, in line with historical price appreciation. Hamilton-Burlington is currently experiencing a seller's market, with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. Buyers have adjusted to the mortgage stress test and have found other ways to finance home purchases, such as through private lenders as opposed to banks. There is currently a development freeze in downtown Burlington that could delay future development in the area even further if it is not lifted. The industrial sector in Hamilton has picked back up and the economy is expected to be impacted positively in the coming year. Move-over buyers from the GTA who are looking for more space are driving the market. Increased GO Train service and higher levels of affordability in the region compared to the GTA are the most influential factors that will impact the Hamilton-Burlington housing market in 2020. Move-over buyers are expected to drive demand in 2020, in particular, moving from the GTA in search of more affordable properties. The hottest neighbourhoods in Hamilton for 2020 include Leckie Park, Waterdown West and Fifty Point. In Burlington, in-demand neighbourhoods include Brant Hills, Central and The Orchard.
Mississauga Housing Market Outlook: Seller's market to prevail in 2020, prices to increase 5%
The Mississauga housing market will lean toward sellers in 2020 across most property types, with the average residential sale price expected to rise by five per cent thanks to increased consumer confidence and historical price appreciation. The Mississauga housing market experienced steady growth after taking a dip in 2017. Affordability remains a concern for homebuyers with the tightening of inventory and the corresponding upward pressure on pricing. This challenge will continue into 2020.source: https://blog.remax.ca/canadian-housing-market-outlook/