Will Canada be a buyer’s market in 2019?

Latest reports and studies have indicated that Canada real estate may be a buyer’s market in 2019, something that will eventually spark sales figures and bring more buyers back to the market. Real estate prices are steadily starting to witness downward momentum as per reports. Prices of average homes in Canada touched $618, 800 for November 2018 which indicates an increase of only 1.98% as compared to the previous year. Over the last 5 years or so, prices have gone up by roughly 43% as per studies.

With several cooling measures being implemented and housing affordability levels in Canada still on the lower side, prices will start tapering downwards and the rate of increase could be much lower in 2019 which spells good news for buyers in a way since many of them will now be able to enter the market. Additionally, the debt secured against homes in Canada has now reached a whopping $294.16 billion as of October 2018 which indicates growth of 4.5%.

Reverse mortgage figures have also increased in recent times, particularly amongst senior citizens. Reverse mortgage debt touched around $3.425 billion for October 2018 which indicates an increase of 11.57% as per reports. Being forecasted to be a buyer’s market, prices will relatively stay stable and this will attract more homebuyers. Cities like Toronto and other parts of the GTA will benefit from growing commercial progress and higher employment levels in tandem with infrastructure development.