2019 Home Price Growth Forecast! London ON projected increase most

ByQin

What will be Home Price Growth in 2019 since the house market got into the correction cycle from beginning of 2018? London ON is projected to increase most by Re/Max.

London Most Popular Home
London Most Popular Home

Two major real estate brokers (Re/Max and Royal Le-Page) made more specific forecasts for property prices in 2019:

Royal Lepage is anticipating the national median home price will increase by 1.2 per cent in 2019, with prices in Toronto and the surrounding areas expected to rise 1.3 per cent to $854,552.

Home prices in Greater Vancouver are forecast to go up by just 0.6 per cent to $1.29 million, while home prices in Montreal and the nearby region are expected to see the largest rise out of Canada’s biggest cities, with home prices anticipated to jump three per cent to $421,306 in 2019.

Re/Max said it expects average home sale prices to go up by 1.7 per cent in the new year.

Re/Max expects average home sale prices in Vancouver to fall three per cent next year, after increasing two per cent this year.

London ON will be leading with a projected increase of 17 per cent.

The report forecasts that some smaller cities outside of the big urban areas will see large price growth, with London, Ont., leading with a projected increase of 17 per cent, followed by Chilliwack, B.C., and Windsor, Ont., at 13 per cent.

This economist from CIBC thinks the Canadian housing market could heat up next year — when pigs fly

“A lot of good things can happen,” he writes, in his most recent note. “Maybe the pipeline issue will be resolved, maybe business investment will pick up dramatically, maybe the US and China will become friends again, and maybe the housing market will turn a corner and….maybe pigs will fly.”

While some industry watchers had written that the housing market might be stabilizing earlier this fall, a particularly rough set of November activity numbers has Tal saying that the market still has a long way to go before it returns to its status as a boon to the Canadian economy.

“With home sales in Toronto and Vancouver falling by 15 and 43 percent year-over-year respectively in November, the housing market is far from ‘stabilizing’ as the Bank of Canada is suggesting,” he writes. “In fact, we are in the midst of an adjustment in both markets with the high-rise segment of the market the next shoe to fall.”

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