2020 Housing Market To Remain Strong

Leading indicators from RE/MAX brokers and agents across Canada's housing market point to a strong market for the remainder of 2020. The ‘RE/MAX Fall Market Outlook Report’ says 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. Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. Forty-four per cent of Canadians would like a home with more space for personal amenities such as a pool, balcony, or a large yard. Most provinces experienced a slowdown in March and April, with significant drops in activity up to 70 per cent year-over-year. Prices, however, have remained stable across the country. Sales in western Canada resumed by May with sales in May and June surpassing year-over-year levels. As one of the hardest hit provinces in Canada, Ontario experienced significant drops in activity during March and April but it started to bounce back aggressively in June as economies began reopening. In Atlantic Canada, the decline was less pronounced as in Ontario and western Canada.