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Average home price expected to rise by 3.7% next year
Increased consumer confidence could be a key factor affecting the housing market in 2020

• 51% of Canadians are considering a home purchase in the next five years, up from 36% at the same time last year

• Only two in 10 Canadians say that the mortgage stress test negatively affected their ability to purchase a home in 2019 RE/MAX is calling for 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 next year, with the RE/MAX 2020 Housing Market Outlook Report estimating a 3.7 per-cent increase in the average residential sale price. 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).


As more Canadians have adjusted to the mortgage stress test and older Millennials move into their peak earning years, it is anticipated that they will drive the market in 2020, particularly single Millennials and young couples.

A recent Leger survey conducted by RE/MAX found that more than half (51 per cent) of Canadians are considering buying a property in the next five years, especially those under the age of 45. Read the entire report at this link: https://blog.remax.ca/canadian-housing-market-outlook/


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Are you thinking of buying a home in the Kelowna, BC area?
Finding the right home can be a difficult process but no matter what you are looking for as an experienced Kelowna, BC real estate agent I can provide you with the resources you need to make the home buying process simpler, from tools to estimate your mortgage payments, to buyer resources and articles that will help you through the home buying process.

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Thank you for visiting deanmuscardin.remax.ca! This is a one-stop real estate website for all your home buying and selling needs in Kelowna, BC. I’m a professional real estate agent who will help make your search for a new home an enjoyable experience.

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Please feel free to contact me directly if you have any questions about the Kelowna, BC real estate market, or buying or selling a home in Kelowna, BC.

Thank you!

Dean Muscardin
Dean Muscardin
Associate
100 - 1553 Harvey Avenue Kelowna BC V1Y 6G1
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