Our 2020 summer edition of the Housing Market Outlook report provides forecasts for Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal. It builds on the Spring 2020 edition that focused on housing market activity for Canada and the provinces.
These reports give high and low range projections on new construction, home sales, house prices and rental market activity.
Housing forecast overview for Canada’s major urban centres
- Sales and construction have dropped
- House prices will likely fall because of uncertainty over the economy’s path
- It is possible that vacancy rates increase in the rental market
- Recovery in major markets is highly uncertain and will vary considerably
For Canada’s 3 largest cities, there had been steep employment declines according to Statistics Canada:
- 18% in Montreal
- 17% in Vancouver
- 15% in Toronto
Such large employment and income declines, coupled with uncertainty over the future trajectory of the virus, will lower demand for housing in the urban centres.