What Major Canadian Cities can Expect from the Real Estate Market in 2019
With the new year upon us, many are wondering what the real estate market will look like in the coming months. While the entire country has been feeling a ripple effect since the new mortgage rules came into force, the 2019 year has some hoping that there will be a shift back to a thriving real estate market we saw just a year or so ago.
Experts are expecting to see the Vancouver economy grow 2.3% in the coming year. After years of steadily increasing real estate prices, the number of single-family homes is starting to decline. This decline is thanks in part to the previously mentioned mortgage rules and the cooling measures that the British Columbia government put in place.
Last year, Calgary’s economy grew by 2.9% GDP and was expected to increase by another 2.3% this year. This increase is thanks in large part to the recovery of the gas and oil markets. This growth is expected even with the new mortgage rules and changes in interest rates. Millennials and young first-time buyers are keeping the condo market balanced, and those looking to move up in housing are leading the charge in larger, single-family homes.
The nation’s capital is currently experiencing a period of significant growth and stability. With the new LRT set to go public later this year and job opportunities increasing, the real estate market is feeling the impact with a growing and stable housing market. Unlike a lot of other major cities listed here, Ottawa’s growth and fast moving housing market took off last summer, with the market expected to pick up where it left off once the nice weather hits.
In recent years, the city of Halifax has experienced a boom in its downtown core. In the coming year, the demand for multi-residential properties will shift towards smaller-format, single family homes and townhouses. One of the primary reasons for this is the aging population that is interested in downsizing and focusing on a more community-oriented and multi-residential lifestyle.
The region of Saskatoon is set to grow by approximately 2.3% in 2019. One of the reasons for this expected growth is the fact that the city is taking advantage of its stable economic conditions as it continues to grow. Recently a 120 million dollar bus rapid-transit system was approved that will foster the development of areas across the city.
At the moment the city of Saskatoon’s real estate market is slightly saturated following notable declines in the 2015 and 2016 years. However, thanks to the GDP growth that the last few years have brought, the city is expecting to see an increase in both real estate sales and rentals.
In recent years, the city of Winnipeg has experienced a relatively stable housing market. This housing market is thanks in part to the relatively fair housing prices that it offers, especially when compared to other major cities across the country. The city is expected to keep this level market intact throughout the coming year.
Thanks to an incredible demand for housing, Toronto is being considered by many experts as the real estate market to watch in the coming year. Even with the mortgage rules and interest rate changes implemented by the government the demand for real estate in Toronto is skyrocketing – with no signs of really slowing down. In fact, over the next decade, more than 500,000 first-time buyers are expected to target Toronto and the GTA real estate markets.
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