Home prices are predicted to rise 6 per cent next year in the City of Toronto, bringing the average cost of a resale home up to $812,210, according to a new report from Re/Max. The real estate brokerage credits a strong local economy, high employment and improved affordability for its decision to forecast Toronto price growth that’s two percentage points higher than the 3.7 per cent national outlook. London, Ottawa and Windsor, which saw price gains in the low double-digits, are forecast to see increases of 5 per cent, 6 per cent and 9 per cent respectively. The Niagara Region, where prices rose 13 per cent between 2018 and 2019, is expected to continue attracting Toronto area buyers with prices forecast to grow 7 per cent next year, according to the Re/Max 2020 Housing Market Outlook Report released Tuesday. The report predicts prices will rise 5 per cent in 2020 in Oakville, Mississauga and Brampton, and 3 per cent in Durham Region.

Source: thestar November 26, 2019 11:03 UTC