Canada Mortgage and Housing Corporation (CMHC) just released Market Outlook 2020 for major Canadian cities. Let’s have a look at our area Kitchener-Cambridge-Waterloo (KCW). Here are the highlights:
- Seasonally adjusted average prices in Kitchener-Cambridge-Waterloo (KCW) have been climbing since the fourth quarter of 2018;
- For the next two years (2020-2021) the resale market in KCW will be characterized by a steady increase in sales and prices;
- Population growth is expected to continue to be a strong driver of housing demand;
- Employment outlook is generally positive due to the strength of the technology sector;
- Total housing starts in 2020 will be moderate compared to 2019, but will remain above the 10-year historical average;
- The rental market is expected to remain tight. The effects of supply additions is unlikely to boost the vacancy rate;
- The fastest growing segment of the population, seniors, is expected to continue its steady growth and will make up just under 16 percent of the population in KCW by 2021.
If you are thinking to move and decide you’d like some professional expertise, we would love to hear from you. We, realtors, have our fingers on the pulse of the market.