2020 MARKET SURVEY FORECAST
Canadian real estate market to appreciate 3.2% Similar price growth in both condo and detached segments expected by Q4 2020 By the end of 2020, Canadian home prices are expected to see Sarah Louise Gardiner Director of Communications
healthy appreciation in price year-over-year1. The positive outlook for the nation’s real estate market is based on healthy buyer demand and competition, largely driven by a segment of potential homeowners who postponed purchases at the advent of the mortgage stress test in January 2018, now entering the market. Sales activity in the suburbs will be reinvigorated by the recent shift in millennial demand away from condos and towards
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houses. Another significant driver is Canada’s healthy immigration rate, and newcomers to the country are expected to purchase one in every five homes on the market over the next five years2. 2020
2020
2020
2020/2019
2020/2019
2020/2019
$669,800 3.2%
$785,400 3.1%
Standard Two-Storey
2020
Condominium
Leading Edge
3.6%
Sales picked up significantly in the fall of 2019, and buyers are starting to return to the Greater Vancouver real estate market. Buyer momentum, combined with low inventory for quality listings, is expected to put upward pressure on home prices.
Aggregate
Price data, which includes both resale and new builds, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian valuation company. Aggregate home price is based on a weighted model using median prices and includes all housing types. Royal LePage’s aggregate home price is based on a weighted model using median prices and includes all housing types. Data collected reflects resale and new build transactions in the fourth quarter.
r lp.c a /ma rket-for ec as t
Greater Vancouver
LEGEND
1
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$506,100
2020
2020
2020
2020/2019
2020/2019
2020/2019
$1,125,200
1.5%
$1,460,700
1.25%
$666,900
3.0%
Royal LePage Newcomer Survey; One in five homes purchased by Canadian newcomers, October 16, 2019, rlp.ca/newcomer_demand. 2
