Canadian housing market expected to remain active for the remainder of 2020 due to pent-up demand and low inventory levels, say RE/MAX brokers and agents
Canadians showing more interest in suburban and rural homes for sale, as work and life dynamics shift
- Canadian housing prices anticipated to increase by 4.6% in the third and fourth quarter according to RE/MAX brokers and agents. This is compared to the earlier prediction by RE/MAX brokers and agents of +3.7% at the start of the year.
- 32% of Canadians no longer want to live in urban centres, opting for rural or suburban communities instead.
- Canadians are almost equally split in their confidence in Canadian housing market, with 39% as confident as they were before the pandemic, and 37% slightly less confident.
Leading indicators from RE/MAX brokers and agents across the Canadian housing market point to a strong market for the remainder of 2020. According to the RE/MAX Fall Market Outlook Report, RE/MAX brokers suggest that the average residential sale price in Canada could increase by 4.6 per cent during the remainder of the year. This is compared to the 3.7 per cent increase that was predicted in late 2019.
The pandemic has prompted many Canadians to reassess their living situations. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32 per cent of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. This trend is stronger among Canadians under the age of 55 than those in the 55+ age group.
Source: Read the full report at remax.ca