According to a report released January 15, 2020 by Sotheby’s Intl Realty Canada, Canada’s two largest metropolitan real estate markets, Toronto and Vancouver, rallied in 2019, gaining traction throughout the year.
After a tentative start to 2019, the GTA led the country in real estate performance bolstered by the region’s strong population growth, healthy economic performance and strong labour market.
The GTA thrived in 2019 in contrast to the market contraction experienced in 2018 caused by the implementation of tighter lending policies and the 2017 Ontario Fair Housing plan.
While GTA residential real estate sales over $1 million including condominiums, attached and single- family homes increased 23% year over year, The City of Toronto continued to see $1 million-plus activity escalate in 2019, with sales over $1 million increasing 20%.
Canada’s real estate market resurged in 2019 as the country’s two largest metropolitan areas overcame a few of years of uncertainty to demonstrate consistent and continuous gains. As Canada’s economic and population epicenter, Toronto held its place as the nation’s leading market with bold gains across all housing types. Vancouver’s long-awaited market recovery emerged in the last half of 2019 with steady progress in the city’s single family and attached home markets.
Attached homes remained one of the GTA’s most coveted housing types in 2019, as a diverse cross- section of buyers competed for limited inventory. Thriving demand resulted in brisk sales and a notable 52% of $1 million-plus attached homes selling above list price in the last half of the year.
According to the Conference Board of Canada, Toronto is projected to follow its 2% increase in GDP in 2019 with a 2.2% growth rate in 2020. Furthermore, population gains are expected to place unrelenting pressure on conventional and top-tier housing demand as Ontario recorded one of its highest population growth rates in 30 years through 2018/19, with Toronto acting as a key gateway for newcomers drawn to a city ranked seventh in the Economist Intelligence Units Global Livability Index in 2019.
These underlying influences, combined with continued international and local investor interest, are expected to propel the GTA and Vancouver real estate markets to new levels of activity and pricing into the first quarter of 2020.
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