{"id":14504,"date":"2020-01-07T10:10:00","date_gmt":"2020-01-07T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14504"},"modified":"2019-12-31T11:37:36","modified_gmt":"2019-12-31T19:37:36","slug":"national-housing-supply-is-anticipated-to-support-solid-home-price-growth-in-2020","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/01\/national-housing-supply-is-anticipated-to-support-solid-home-price-growth-in-2020\/","title":{"rendered":"National Housing Supply is Anticipated to Support Solid Home Price Growth in 2020"},"content":{"rendered":"<p style=\"text-align: justify;\">The sudden turnaround in sales activity during the latter part of the year will likely cause a supply shortage in Canada next year, according to the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">National sales trends improved at a faster-than-expected pace over the second half of 2019 as new listings continued to deplete.<\/p>\n<p style=\"text-align: justify;\">&#8220;These trends have caused many housing markets to tighten, which has sharply lowered the national number of months of inventory,&#8221; CREA said.<\/p>\n<p style=\"text-align: justify;\">The balance between supply and demand hit its lowest since mid-2007 in November, resulting in increased competition among buyers. This provided a &#8220;fertile ground&#8221; for price gains, according to CREA.<\/p>\n<p style=\"text-align: justify;\">The combined number of months of inventory in Canada, excluding the Prairies, and Newfoundland and Labrador, currently sits at a 15-year low and continues to fall.<\/p>\n<p style=\"text-align: justify;\">&#8220;The number of homes available for sale in these provinces, which represent over 80% of national activity, is at a 15-year low. This is anticipated to support solid home price growth in 2020, particularly if current trends intensify,&#8221; CREA said.<\/p>\n<p style=\"text-align: justify;\">Given the limited supply, the national average sales price is expected to rise by 6.2% next year, led by projected gains in Ontario, Quebec, and the Maritimes.<\/p>\n<p style=\"text-align: justify;\">On the other hand, prices in Alberta, Saskatchewan, and Newfoundland and Labrador are expected to decline slightly.<\/p>\n<p style=\"text-align: justify;\">&#8220;In regions with supply shortages, price gains may exceed forecast levels should shortages become more acute than anticipated,&#8221; CREA said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/anaemic-housing-supply-predicted-in-canada-324325.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Anatomic Housing Supply Predicted in Canada<\/a> by Gerv Tacadena | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sudden turnaround in sales activity during the latter part of the year will likely cause a supply shortage in Canada next year, according to the Canadian Real Estate Association &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/01\/national-housing-supply-is-anticipated-to-support-solid-home-price-growth-in-2020\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-14504","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National Housing Supply is Anticipated to Support Solid Home Price Growth in 2020 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/01\/national-housing-supply-is-anticipated-to-support-solid-home-price-growth-in-2020\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National Housing Supply is Anticipated to Support Solid Home Price Growth in 2020 &#8226; 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