To help prepare you and your clients for another successful year ahead, we are thrilled to announce that we have just released the 2019 RE/MAX Housing Market Outlook Report! See the findings below and share the results for your region with clients and prospects alike.
The 2019 RE/MAX Housing Market Outlook Report
- Rising interest rates will be a key factor affecting housing affordability in 2019
- Thirty-six per cent of Canadians are considering a home purchase in the next five years, down from 48 per cent at the same time last year
- Sixty-five per cent of Canadians said they do not want to live near a retail cannabis store
Modest price increases are expected in 2019, as the RE/MAX 2019 Housing Market Outlook estimates the average sales price to increase by 1.7 per cent. Housing markets across the country have stabilized in 2018, after the unprecedented increases in average sales price that many markets experienced in 2017. However, there continue to be some outliers in average sales price gains, particularly in areas outside of the main city centres, such as Chilliwack (+ 13%), Windsor (+13%), London (+17%) and Charlottetown (+11%).
It is anticipated that the market will continue to stabilize, as Canadians will start to feel the pinch of higher interest rates as they move forward with their home-buying plans in 2019. A recent survey revealed almost one-third (31 per cent) of Canadians said higher interest rates have not affected their ability to get an affordable mortgage thus far. However, this is expected to change in 2019. A separate survey of RE/MAX brokers and agents found 83 per cent predict rising interest rates will make it more difficult for Canadians to purchase a home next year.
Key Findings from the 2019 RE/MAX Housing Market Outlook Omnibus Survey
Thirty-six per cent of Canadians are considering buying a property in the next five years. This is down from 48 per cent at the same time last year. The decrease is attributed to actual and perceived impacts of the mortgage stress test and rising interest rates on housing affordability. Thirty-one per cent of survey respondents said higher interest rates have not affected their ability to get an affordable mortgage so far, but the risk of future rate hikes, as indicated by RE/MAX brokers and agents, might affect these buyers in 2019.
Liveability continues to be important to Canadians, with more than half wanting to live closer to green spaces, work and better access to public amenities. Despite the apparent popularity of recreational cannabis since legalization in October 2018, 65 per cent of respondents said they do not want to live near a retail cannabis store.
- 52 per cent of Canadians would like to live closer to green spaces
- 47 per cent would like better access to public amenities
- 35 per cent would like to live closer to work
- 37 per cent would like to live closer to public transit
- 35 per cent would like to move to a different neighbourhood
- 59 per cent strongly disagree with living near a retail cannabis store
How to Use the Report:
RE/MAX Reports are distributed throughout the year and are designed to educate the public and our network on industry insights. A full download of the report and press release are always available on remax.ca.
- Provide a copy of your region page in your listing presentations
- Make a copy available at your next open house
- Ensure your region page is available for clients to browse at your office
- Share with your network via email
- Encourage clients and prospects to view the report on social media by sharing the video