Q1 2020 Canadian House Price Survey and Market Forecast
Tuesday Apr 14th, 2020Share
Royal LePage has released the Q1 2020 House Price Survey and Market Forecast for the remainder of the year. In the first quarter of 2020, the price of a home in Greater Toronto Area increased 7.5% year-over-year to $866,211. Key highlights are below and additional details are in the national release.
*Best case scenario forecast shows Canada’s aggregate home price could grow a modest 1% by the end of 2020
*If the pandemic continues to heavily restrict business activity through late summer, a national home price decrease of 3% is expected by the end of 2020
*The aggregate price of a home in Canada climbed 4.4 per cent year-over-year in Q1 2020
*High demand and low inventory in Toronto, Montreal and Ottawa fueled rising home prices
If business activity resumes by the end of the second quarter, the Greater Toronto Area may see a year-over-year increase of 1.5% to its aggregate home price by the end of 2020, increasing to $861,100. If business activity resumes in late summer 2020, the region could see a decrease of 0.5% year-over-year in aggregate home prices to $844,200.
Contact me at 416-522-8426 or Taline@RoyalLePage.ca for more information.