St. Catharines Real Estate Market Outlook 2020
Are you planning to buy real estate in Canada? Then you should also consider St. Catharines in the cities list as the city is the largest city in Canada’s Niagara Region with 96.13 square kilometers of the land and it is the 6th largest urban area in Ontario with 133,113 residents in 2016. St. Catharines- Niagara has been ranked 5th best in this year and the 12th best city in last year in Canada to buy real estate. This ranking is by MoneySense, they annually rank 35 cities in country to buy real estate based on the value of single-family homes, reported by Canadian Mortgage and Housing Corporation. They measure the value of properties in comparison to the surrounding neighborhood. In 2018 the average home for sale in st catharines was listed at $393,500. This city is a great place to live in and to adopt a profession as St. Catharines has the ability to compete in global market because it positioned itself well to cultivate both domestic and international investment in industrial and commercial ventures. Here we will discuss the current situation of the real estate market of the city and some predictions related to the future of real estate market in 2020.
Real estate market and prediction for 2020:
As compared to 2019, it is expected that there will be a balance condition for Niagara housing market in 2020 and 7% residential price increase is expected. Currently, there is balance in the market but it is expected to be increased in 2020 this is because there is commercial and residential development expected in the region of the south end of Niagara Falls and Fort Erie which will definitely will affect the housing market. An increase has been noticed in the market from 2018 to 2019 and sure will increase in 2020, by RE/MAX.
Auto engine plant and redevelopment of auto assembly plant in St. Catharines can be considered one of the factors in improvement in economic conditions and improvement in real estate market too.
St Catharines condos for sale have increased a high demand, along with a rise in median prices due to Brock University & Niagara College students in the area. In housing market for its affordability, first time buyers and downsizers will push the demand in 2020.
According to 2019 report, there were 428 property sales processed through NAR Multiple Listing Service System. This shows a 15.4% increase in sales as compared to Jan last year. Whereas the residential average sale price of $403,659 was 16% higher form the last year. Currently, there is an increase in the residential freehold market from 46 to 50 and 54 to 51 decreased in the condominiums.
According to 2020 Housing Market Outlook Report, 3.7 % increase is estimated at the average national residential sales price. This shows positive sign that the market will gain more in upcoming years especially in 2020 and if we talk about most individual markets survey there is moderate increase in price year over year from 2018 – 2019 but there were some regions which gain more than the average and Niagara was at the top in them, the list is as following Niagara (+12.9 per cent), Ottawa (+11.7 per cent), Windsor (+11 per cent) and London (+10.7 per cent).