Housing market outlook for 2020 will be a seller’s
Let’s take a look at the housing market outlook for 2020. In this article we’ll review the report REMAX provided us with. They reported on these statistics and trends expected for 2020. It was reported that the market will favour sellers in the housing market when it comes to the average price of a residential property.
The Hamilton-Burlington area is experiencing a seller’s market. And with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. It should be noted that buyer’s have had to adjust to the mortgage stress test.
And have had to find other ways to finance the purchase of their home. For example, there are some people that have chosen to go through private lenders rather than using a bank.
The Development Freeze in downtown Burlington
If you’ve been to visit downtown Burlington recently, it’s hard not to notice that there’s a lot of construction going on. New condo buildings seem to be popping up everyday. But there has been a development freeze put in place. This means that there could be delays to any future developments.
The municipal government has been putting out regular newsletters to let the community know what the plans are. It’s a good idea to pay attention to these updates if you have invested in a new condo.
You can find updates on the City of Burlington website. So that you’re aware of any possible changes to the freeze. However, with that being said, there are many new buildings that are in very sought after areas going up all over the downtown area.
The GO Train and Affordability Beyond the GTA
It’s no surprise that many people have been leaving Toronto and the surrounding GTA for quite a few years now. And they’re moving to areas such as Hamilton and Burlington.
With the GO Train service expanding and moving toward the Niagara area, it’s only giving more people opportunities to own their own home. And the Hamilton industrial sector has picked up, the economy is expected to see positive impacts over the coming year.
With buyer’s from the GTA being a major force in the area and because there has been this expanded GO Train service in recent years, along with affordability in the area. There will be a clear impact on the Hamilton-Burlington housing market in 2020. These buyers are expected to help drive the demand in 2020.
Hottest Neighbourhoods in Hamilton and Burlington
It’s time to talk about the hottest neighbourhoods in Hamilton and Burlington. In Hamilton the neighbourhoods that made the most popular list are; Leckie Park, Waterdown West and Fifty Point. And the hottest neighbourhoods in Burlington that made the popular list are; Brant Hills, Central and The Orchard.
All of these are some of the most sought after neighbourhoods in the Hamilton-Burlington area. There are a lot of different factors that come in to play here; it can be things such as schools, affordability and most desired area.
National Perspective
RE/MAX Canada is anticipating a levelling out of the highs and lows that were reported by the Canadian housing market in 2019. And this is specifically true in Toronto and Vancouver. There are expected to be healthy price increases.
It was also reported that across Canada the markets have experienced moderate price increases year-over-year from 2018-2019. That being said, some regions in Ontario have continued to experience higher than normal gains.
“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains. Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.” – Christopher Alexander, Executive Vice President and Regional Director RE/MAX of Ontario-Atlantic Canada.
Have Questions About the Market Outlook?
If you have any questions about the information you’ve just read about, contact Lori VanDinther and her team. They would be more than happy to discuss them. And if you’ve been thinking about selling your home, contact the team at We Sell Millcroft today. They’ll help you find your dream home.