The housing market in Ontario is set for further moderation in sales and a slight easing of the provincial average price in 2019.
A new outlook from Central 1 Credit Union notes the conditions of 2018, which saw declining sales year-over-year for most months except the summer. Total sales for the year came in 13.7% below 2017 at 190,830 units.
Prices in Ontario eased to an average 1.1% month-over-month in the second half of the year and the first half was also below the growth seen in the same period of 2017. The best gain of the year was in June 2018, rising 4.4% month-over-month.
Central 1 economist Edgard Navarrete says that in 2019, the credit union is forecasting continued moderation in the market with MLS sales declining, especially as mortgage rates rise again late in the year.
Prices are expected to ease for the province overall, with a 2% decrease in the average MLS price to $557,949.
There will be a continued move towards high-density housing, a trend that was evident in 2018.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate