Last Updated on October 24, 2023 by CREW Editorial
Ontario’s housing market can expect steady growth next year, driven by the lower unemployment rates, strong economic growth, and improved overall affordability, according to the latest housing market outlook by RE/MAX.
The residential sale price across the province is likely to grow by 6% on average next year, with cities like Windsor and Ottawa showing the most significant gain potential.
Ottawa’s new LRT system could spur further gains in the region, while Windsor’s affordability will likely attract more young professionals looking for homes.
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Toronto, which reported the most sales this year, will likely continue to witness a slowdown in housing supply given its rapidly growing population, the report said.
Southern Ontario is slated to remain robust, with many of its regions coming off of double-digit gains, said Christopher Alexander, RE/MAX executive vice president and regional director for Ontario-Atlantic.
“Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic,” he said.
The table below shows the Ontario housing markets with strong price-growth expectations for next year:
