2020 is looking to be an exciting year for real estate opportunities across Canada. Many cities across Canada are experiencing growth. Below is our breakdown of which cities to watch out for and what to expect in 2020 in Canada’s real estate market.
Montreal continues to grow economically year over year although at a small rate of increase. This year the city’s real estate market is expected to grow by 1.6%. The demand for prime real estate locations have increased. Both commercial and residential properties are seeing an increase in demand.
Some of Montreal's strengths in the real estate market include industrial properties and multifamily homes. As Montreal’s population continues to grow older there is now a higher demand for condos. In same regard there has also been an increase in demand for retirement homes. There has also been an increase in demand for more commercial real estate as e-commerce and online focused businesses continue to grow and expand. This increase has created a tight real estate market.
David Ghavitian Avocat Inc. law offices are based in Montreal. We have years of experience helping our clients negotiate the difficulties that may arise from purchasing real estate in Quebec.
Quebec City, Quebec
A recent forecast made by the CBOC suggests that Quebec City’s economy will increase by 1.6% annual growth. This will help create demand for commercial properties across the Quebec City. There is also expected to be an increase in demand for single family homes. David Ghavitian Avocat Inc. is experienced in Quebec real estate and can help you close the perfect property for your needs. This year will also see the construction of a all new hospital complex.
Another trend in Quebec real estate is the rising focus on community parks and green areas. Young Quebecers and new families are looking to purchase property in close proximity to parks and other community green spaces.
This year Quebec also plans to increase investment in public transportation projects. The city is currently moving forward with its tramway project. Projects like these will help transform the city and allow for easy access to public transportation for all those without access to car.
In 2020 Toronto’s immigration numbers have been steadily increasing causing it to be one of the fastest growing cities in all of North America. Toronto’s real estate market remains strong and healthy and shows no signs of slowing down. This the real estate market is expected to grow by 2.4%. Although there was a slight decline as a result of some changes to current policies like mortgage stress tests, property values and sales have begun to stabilize.
Affordability still remains a big concern for many potential buyers which is due to years of land supply issues combined rising immigration to the city. In past years prices have skyrocketed in some areas of the city. This has also had an impact on rental prices as well. Price still remains a barrier of entry to purchasing real estate in Toronto.
Strong economic growth has also helped fuel a demand for commercial property in Toronto. Currently demand is at an all time high while supply is at an all time low. Vacancies are hard to come by. In 2020 new construction is expected to begin in order to meet the demand currently placed on the market.
David Ghavitian Avocat Inc. has helped clients in Quebec and Ontario find the perfect property and negotiate the best terms. If you’re looking to purchase or sell property in Toronto our offices can help you navigate the difficulties associated with Toronto’s real estate market.
Ottawa has been experiencing strong economic growth and a growing housing market. Canadians living in Toronto looking for more affordable housing have moved to Ottawa. At the same time many English-speaking Quebecers who have become fed up with language issues have also taken up residence in Ottawa as well. This recent boom has helped the city’s population finally surpass the million mark.
Whether you’re looking to buy or sell property in one of Canada’s major cities David Ghavitian Avocat Inc. can help with all your real estate needs. With years of experience we can help you get through all the complications associated with the Canadian real estate market. Contact David Ghavitian Avocat Inc. today.