House sales Canada 2018-2020

House sales in Canada were expected to increase to 529,900 by 2020, compared with the 2018 figure of 458,477. The Canadian residential housing market is going through a period of change, because the skyrocketing home prices are being tempered by various measures. These measures include the recent introduction of the foreign buyer tax in British Columbia, higher interest rates and stricter mortgage qualification rules. These changes can be seen in the median house price forecasts for next few years.

Will these measures be successful?

Existing home sales are also set to be affected by these changes. Only time will tell whether this trend will continue, or whether the Canadian housing market will heat up in spite of these measures. British Columbian residents appeared to be skeptical of the success of the foreign buyer tax, when they were asked in 2016. Only approximately one quarter of the respondents were confident that the tax would be successful in improving home affordability in their province.

Number of housing units sold in Canada from 2018 to 2020

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Source

Release date

December 2019

Region

Canada

Survey time period

2018

Supplementary notes

*forecasted figures based on Statistics Canada's M1 population forecast.

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Statistics on "Residential housing in Canada"

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